ETH Price Stabilizes Back Over $3k As Staked And Burned Ethereum Continue To Rise

The altcoin king, Ethereum (ETH), recently witnessed its price experience a recovery before stabilizing at over $3,000. This development was hot on the heels of burned and staked ETH that was observed to have been continuously climbing even as we speak.

Right now, most of the crypto market is in the red, except for Cardano (ADA), which has recently reached a new ATH. Still, Ethereum has managed to increase the price of its native token in the past month, largely because of the London hard fork and the EIP-1559 upgrade. In fact, the cryptocurrency had spiked by almost 75% from the 22nd of July 2021 till yesterday, meaning that the price had gone up from just below $1,800 to the current price, which is around $3,250.

What caused the price increase?

We have already mentioned the London hard fork, which was one of the most highly anticipated events of the year. Thanks to the new update, Ethereum is being burned on a daily basis, with nearly 73,570 Ether being burned ever since the hard fork had occurred (which is just about $240 million). Just last week, an additional 26,551 ETH had been burned.

Furthermore, the ETH 2.0 staking platform also needs to be talked about, as it experienced approximately 200,000 more ETH being added to the overall Ether that is currently being staked. This brings the total staked amount to a whopping 7,092,551 ETH, which is about $23.5 billion. Moreover, the overall amount of validators has similarly surged, as the platform witnessed just below 5,500 new validators being added in just the previous week, bringing the total number to 214 490. Lastly, the current APR (Annual Percentage Rate) of staking on ETH 2.0 now sits at just below 6%.

Ether on various exchanges still declining

Despite the recent success experienced by Ethereum, the overall supply of ETH is decreasing on several crypto exchanges, thereby implying that there could be a shortage. As a matter of fact, the amount of Ether present on these exchanges had decreased to reach a new all-time low at about 13% of the cryptocurrency’s circulating supply (nearly 15.3 million ETH).

In related news, VanEck had recently decided to file yet another ETF application. The filing was made with the United States SEC, and the ETF in question was reportedly a futures-oriented ETH exchange-traded fund and was being referred to as the ‘Ether Strategy ETF.’

The Ethereum community is hopeful that the altcoin’s momentum can be sustained as its main competitors, such as Cardano, Polkadot (DOT), and most recently Solana (SOL), have all been experiencing considerable increases both in value and price lately.