Ethereum market value grows as ETH approaches all-time high

The cryptocurrency industry is once again in a fervent mood, with the possibility of Ethereum (ETH) breaking its price record as the cryptocurrency grows too much and approaches its all-time high. Recently, Bitcoin (BTC) briefly surpassed its record high of $69,000, raising expectations of a significant advance in the market.

In a recent development, Ethereum this week reached a significant milestone by surpassing the $3,800 barrier, a feat not seen since December 2021. Ethereum’s all-time high is $4,878.26, which was recorded in November 10, 2021. The current price is 18.20% lower than ETH’s all-time peak.

At the time of publication, the price of Ethereum was quoted at US$3,985.84 with an increase of 5.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$23,676,938,418. In the last seven days, the second largest cryptocurrency on the market has seen an increase in its price of 15.9%.

Cryptocurrency analytics platform Santiment highlighted that Ethereum’s market cap recently reached $3,920 and ETH’s market price ratio to Bitcoin is up 9.5% over the past three days. “When these types of changes in price dominance occur, we often see profits quickly redistributed and whales becoming very active in ERC20-based altcoins.”

📈🐳 #Ethereum‘s market value is up to $3,920 and the #2 cap ranked market price ratio vs. #Bitcoin is +9.5% in the past 3 days. When these kinds of price dominance flips occur, we often see profits quickly redistribute, and whales becoming very active in #ERC20-based #altcoins.… pic.twitter.com/YejHDYyGjh

— Santiment (@santimentfeed) March 8, 2024

Ethereum Dencun Approaches Driving ETH Burn to New Heights

As the Ethereum community eagerly awaits the arrival of the Dencun update, a notable phenomenon has captured the attention of the cryptocurrency market. The continuous burning of ETH, driven by the implementation of the EIP-1559 update, has shown a significant increase, bringing the number of ETH burned to a new record.

Ethereum burning is not just a random event; it represents a fundamental change in the way transaction fees are handled on the network. Since the implementation of EIP-1559, the process of burning ETH with transaction fees has accelerated, surpassing a staggering 1.5 million ETH burned, which translates to over $5.6 billion at current prices.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.