Reduction In the Ethereum Supply Causes Its Price to Rise
On Sep 16, 2021
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8 million ethers are out of circulation, and this reduction in the Ethereum supply causes the price of ether to rise by 6%. Meanwhile, the creator of Ethereum is among the most influential people list.
The second-largest cryptocurrency, Ethereum is on the verge of going beyond the current price level with recent and future updates. The Ethereum 2.0 is expected to launch in late 2021 or early 2022, and currently, there is a shortage of Ethereum in exchanges.
$28 Worth of Reduction in the Ethereum Supply
The Ethereum 2.0 deposit contract has been live since the last year. People who have locked their ethers will gain rewards and at the same time will contribute to the new Ethereum ecosystem. According to Dune Analytics, 7,677 thousand ETHs have been sent to the Ethereum deposit account. The total number of unique depositors is 46,800. The USD dollar value of the locked Ethereum is approximately equal to 28 million.
Previously, due to the London hard fork implementation, Ethereum supply was also reduced. The number of tokens that have been burned and locked at the Ethereum 2.0 deposit totals 8 million Ethereum which is equal to $28.8 billion.
The amount of Ethereum on exchange has been decreased too. The total number of Ethereum reserves of exchanges is 19 million, according to CryptoQuant. It is 5 million lower than the value on 9th September.
Ethereum Hit $3,600
The price has been affected by the supply shock in Ethereum and also the existing bullish sentiment in the market. Ethereum price hit $3,600 today, according to Coin Gecko. The current price of Ether is $3,566, which is approximately 17% lower than the ATH price of $4,356. With the $419 billion market cap, Ethereum follows Bitcoin and ranks itself in 2nd place, according to the CoinMarketCap.
Vitalik Buterin is Amongst 100 Influential People
Ethereum’s co-founder Vitalik Buterin, has been featured in Time Magazine’s “100 Most Influential People List” of 2021. Vitalik Buterin has been selected as one of the innovators in 2021. Among the 100 influential people, there are Elon Musk, the CEO of Tesla and SpaceX, Nayib Bukele the president of El Salvador, Simone Biles, Billie Eilish, and many more faces.
The co-founder of Reddit, Alexis Ohanian praised Vitalik Buterin due to his works in the crypto world.
“Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow. Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion… Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation. I’ve never been more excited about the potential of the Internet, and that’s largely thanks to Vitalik Buterin.”
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.