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Ethereum Is Ready For Its Rally, According to Altcoin Daily

Closely-followed crypto channel Altcoin Daily shares with their subscribers that Ethereum (ETH) is on its way to a massive rally due to the strong fundamental growth.

According to the crypto KOL, Ethereum is looking bullish and it is going through a supply shock in which insane amounts of Ethereum are being burned. At the time of the video, there are 114,276 ETH has been burnt.

“The Ethereum block space is getting used and because Ethereum changed its monetary policy, an insane amount of ETH is getting burnt, over 100,000 ETH due to NFTs platform, DEXs, DeFi, play-to-earn, stablecoins,”

He also points out that this is the first time Ethereum’s daily issuance was actually lower than that of Bitcoin. In particular, ETH net inflation is 3574 ETH (1.11% annualized) and Bitcoin net inflation is 900 BTC (1.75% annualized).

He also adds that: “There are just so many things lining up for ethereum. it’s hard for me not to expect a massive run coming up in the next few weeks. Eth is well on its way to becoming  a multi-trillion dollar asset.” According to the trader, one of the most bullish fundamentals of Ethereum is its current TVL in Defi.

“Since the beginning of the year, the total value locked in Defi, which is primarily Ethereum, has gone exponential. On January 1st the beginning of the year, total value locked was a modest 16 billion. This number is now a staggering 85 billion, this would place ETH as the 20th largest bank in the world by market cap.”

Finally, Altcoin Daily points out that over a quarter of Ethereum’s total supply is locked in smart contracts.

“Ethereum in smart contracts, so this is basically Ethereum that can’t be sold because they are being utilized. They have utility. Due to the outright explosion of DeFi, the amount of Ether placed in smart contracts has similarly gone to all-time highs. In fact, an unbelievable 26% of all ETH is in smart contracts at the moment.”

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