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Ethereum (ETH) Is Ready For A Big Rally, According To Crypto KOL Ben Armstrong

As London Hard Fork (EIP 1559) is complete, top crypto strategist Ben Armstrong from BitBoy Crypto talks about the success of the London Hark Fork and EIP-1559 and its impact on ETH price and roadmap.

According to the trader, in just five days at the time of this recording, we’ve seen over 20,000 Ether burned to dust, while the price of ETH has rallied to over $3100. The trader also says that the successful deployment of the London upgrade is proof that the Ethereum ecosystem is able to make significant changes.

In less than a week, the cumulative total of fees burned is currently at 21,976.83 Ether, which multiplied by the current prices, exactly $69,358,875 and counting,”

Armstrong points out that while ETH is not officially a deflationary asset just yet, data from Dune Analytics shows that on two occasions already, the emission rate has dipped into negative figures, meaning more ETH was being burned at the time than issued.

One of the impacts of EIP 1559 is that the proportion of Ether held on centralized exchanges (CEXs) dropped to 9.4% of the total supply, the lowest in three years.

Out of the 117 million ether in circulation, only 11 million were held on addresses related to CEXs. That level is the least since February 2018, when about 9 million of 97 million ether were held in CEX addresses,”

In terms of price, the analyst says that ETH has acres of green compared to a few weeks ago, up a huge 83% since the low on July 20. Importantly, there’s barely any resistance standing in the way between its current price of around $3,150 and the all-time high in May.

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