Ethereum Improvement Proposal (EIP) 1559 that went live along with the London upgrade a couple of days ago, has been impactful as expected since launch.
The number of burned Ethereum (ETH) per day since the much-anticipated rollout has been steadily increasing as the number of staked ETH keeps soaring. In terms of price, the cryptocurrency has also been outstanding over the past week.
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The major reason for Ethereum (ETH) experiencing the current positive trend can easily be attributed to the recent implementation of the London hard fork and EIP-1559, which now see the Ethereum network burn ETH in every passing second.
Since the upgrade was implemented, Ethereum has managed to burn over 100,000 ETH. At the time of writing, Ethereum has burned 100,040 ETH worth relatively $315.5 million at current prices and burns 280 ETH every hour.
The Ethereum 2.0 staking platform has also been seen a notable increase. Within the past 5 days, the deposit contract address has received over 50,000 more ETH. The total ETH staked into Ethereum 2.0 now stands at 7,150,594 ETH, which is worth $22,139,311,613 at the current price of ETH.
The platform also continues to experience an increase in the number of validators. The number of validators on the platform is currently more than 214,000, while the Annual Percentage Rate (APR) of staking on the platform sits at 5.9%.
Meanwhile, the number of Ethereum (ETH) on exchanges is also drastically increasing, which can be attributed to the continuous staking of the cryptocurrency. This can be termed as a positive signal for the future growth of Ether in terms of price.
As reported by the crypto analytics firm, Glassnode, “Exchange ETH balances have now declined to reach an all-time low of 13% of the circulating supply this week, equivalent to 15.3M ETH.”
Although the trend of Ethereum (ETH) in the market has declined compared to last week, there are indications that price resurgence could play out any time soon. At the time of filing this report, ETH is trading at $3,113.84, with a 1.08% price plummet based on 24 hours estimation.
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