{"id":518587,"date":"2023-02-03T18:30:15","date_gmt":"2023-02-03T18:30:15","guid":{"rendered":"https:\/\/wncen.com\/?p=518587"},"modified":"2023-02-03T15:40:05","modified_gmt":"2023-02-03T15:40:05","slug":"ethereum-burning-records-new-high-another-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-burning-records-new-high-another-rally\/","title":{"rendered":"Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?"},"content":{"rendered":"

While the global cryptocurrency market continues with its ubiquitous movement, <\/span>Ethereum<\/span> seems to be sneaking out to break a new record. The latest achievement Ethereum obtained is setting a new high in its burning-per-day mechanism.<\/span><\/p>\n

Per a recent report <\/span>from WuBlockchain citing data from oklink<\/span><\/a>, Ethereum’s burning amount exceeded 3,000 ETH at a figure of 3,040 ETH on February 2. This new record sets the crypto asset burning rate highest point ever seen since November 10, 2022. According to the reporter, the primary source where the burning was aggressive was two popular decentralized exchanges, Uniswap and OpenSea.\u00a0<\/span><\/p>\n

Over the past months, both platforms have recorded significant usage and trading volumes which correlate with the increased burning of ETH tokens. <\/span>Data from CoinGecko<\/span><\/a> shows Uniswap trading volume has moved from $558 million seen at the beginning of this year to $1.1 billion as of February 3, up by more than 50% over the last 25 days.\u00a0<\/span><\/p>\n

Related Reading: Total Ethereum (ETH) Staked On Lido Finance Reaches New Milestone<\/a><\/div>\n

Is ETH Warming Up For Another Rally<\/span><\/h2>\n

With an upcoming catalyst like the Shanghai upgrade coming soon to the <\/span>Ethereum network<\/span><\/a>, ETH could be in a warm-up stage before another rally. Following the demand for ETH surging, the crypto asset greed index has also made some significant movements in the past weeks ranging above 60 in recent days.\u00a0<\/span><\/p>\n

\"Ethereum
Ethereum Burning exceeds the 3,000 mark. | Souce: Oklink<\/a><\/figcaption><\/figure>\n

The increase in the greed index signifies a massive level of FOMO and anticipation amongst ETH investors waiting for the right moment to buy and result in another rally. Data aside, so far, the <\/span>Ethereum price<\/span><\/a> chart has only indicated two possible scenarios, which are to either retrace a little bit more or proceed with another bullish trend.\u00a0<\/span><\/p>\n

\"Ethereum
Ethereum (ETH) price is moving sideways on the 1-day chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Looking at the 1-day time frame of the ETH\/USDT price chart, we can see ETH recently tapped into external liquidity \u2014 a move that signifies a possible retracement to take out the liquidity of the buyers below. A retracement confirmation could mean ETH returns to the $1,300-$1,350 region.<\/span><\/p>\n

Meanwhile, should <\/span>ETH<\/span><\/a> invalidate the possible retracement and tap into the $1,684 zone declining a retrace, we could see another upward rally as the crypto asset appears to be consolidating at the moment, waiting for a significant movement (expansion) either to the upside or downside.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin and Ethereum Whale Activities Plummet \u2013 Are Whales Getting Bored?<\/a><\/div>\n

Ethereum Continues Recording New Highs<\/span><\/h2>\n

Notably, the burning rate hasn\u2019t been the only new high Ethereum recurred in the past weeks. Last month, NewsBTC reported the total staked ETH on the Beacon chain <\/span>reached an all-time high of over 16.16 million ETH<\/span><\/a>. The figure cumulates to more than 13.28% of the total Ether supply and represents $26.13 billion at current prices<\/span><\/p>\n

Out of the 16 million ETH staked, about 11.408 million ETH have been staked via staking services providers such as Lido, Coinbase, and Kraken, among others \u2013 representing 70.86% of the total staked on the Beacon chain. Lido dominates ETH staking with 29.3%, Coinbase controls 12.8%, while Kraken holds 7.6%, and Binance controls 6.3% of the total stake, according to Glassnode on-chain data<\/a>.<\/span><\/p>\n

Additionally, Ethereum total validators recently surpassed the 500,000 benchmarks and currently sit at 512,432 as of February 3, <\/span>according to data from BeaconScan<\/span><\/a>.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

While the global cryptocurrency market continues with its ubiquitous movement, Ethereum seems to be sneaking out to break a new record. The latest achievement Ethereum obtained is setting a new high in its burning-per-day mechanism. Per a recent report from WuBlockchain citing data from oklink, Ethereum’s burning amount exceeded 3,000 ETH at a figure of 3,040 ETH on February 2. This new record sets the crypto asset burning rate highest point ever seen since November 10, 2022. According to the reporter, the primary source where the burning was aggressive was two popular decentralized exchanges, Uniswap and OpenSea.\u00a0 Over the past months, both platforms have recorded significant usage and trading volumes which correlate with the increased burning of ETH tokens. Data from CoinGecko shows Uniswap trading volume has moved from $558 million seen at the beginning of this year to $1.1 billion as of February 3, up by more than 50% over the last 25 days.\u00a0 Related Reading: Total Ethereum (ETH) Staked On Lido Finance Reaches New Milestone Is ETH Warming Up For Another Rally With an upcoming catalyst like the Shanghai upgrade coming soon to the Ethereum network, ETH could be in a warm-up stage before another rally. Following the demand for ETH surging, the crypto asset greed index has also made some significant movements in the past weeks ranging above 60 in recent days.\u00a0 The increase in the greed index signifies a massive level of FOMO and anticipation amongst ETH investors waiting for the right moment to buy and result in another rally. Data aside, so far, the Ethereum price chart has only indicated two possible scenarios, which are to either retrace a little bit more or proceed with another bullish trend.\u00a0 Looking at the 1-day time frame of the ETH\/USDT price chart, we can see ETH recently tapped into external liquidity \u2014 a move that signifies a possible retracement to take out the liquidity of the buyers below. A retracement confirmation could mean ETH returns to the $1,300-$1,350 region. Meanwhile, should ETH invalidate the possible retracement and tap into the $1,684 zone declining a retrace, we could see another upward rally as the crypto asset appears to be consolidating at the moment, waiting for a significant movement (expansion) either to the upside or downside.\u00a0 Related Reading: Bitcoin and Ethereum Whale Activities Plummet \u2013 Are Whales Getting Bored? Ethereum Continues Recording New Highs Notably, the burning rate hasn\u2019t been the only new high Ethereum recurred in the past weeks. Last month, NewsBTC reported the total staked ETH on the Beacon chain reached an all-time high of over 16.16 million ETH. The figure cumulates to more than 13.28% of the total Ether supply and represents $26.13 billion at current prices Out of the 16 million ETH staked, about 11.408 million ETH have been staked via staking services providers such as Lido, Coinbase, and Kraken, among others \u2013 representing 70.86% of the total staked on the Beacon chain. Lido dominates ETH staking with 29.3%, Coinbase controls 12.8%, while Kraken holds 7.6%, and Binance controls 6.3% of the total stake, according to Glassnode on-chain data. Additionally, Ethereum total validators recently surpassed the 500,000 benchmarks and currently sit at 512,432 as of February 3, according to data from BeaconScan. Featured image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":514768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[142,85538,1558,8323,1946],"class_list":["post-518587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoins","tag-burning","tag-cryptocurrency","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\nEthereum Burning Reaches New High, Is ETH Warming Up For Another Rally?<\/title>\n<meta name=\"description\" content=\"While the global cryptocurrency market continues with its ubiquitous movement, Ethereum seems to be sneaking out to break a new record. The latest Ethereum's burning amount exceeded 3000 at a figure of 3040 on February 2. 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The latest Ethereum's burning amount exceeded 3000 at a figure of 3040 on February 2. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-burning-records-new-high-another-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-burning-records-new-high-another-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Ethereum.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Ethereum.jpg?fit=750%2C536"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","burning","cryptocurrency","eth","ethereum"],"dateCreated":"2023-02-03T18:30:15Z","datePublished":"2023-02-03T18:30:15Z","dateModified":"2023-02-03T18:30:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-burning-records-new-high-another-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-burning-records-new-high-another-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Ethereum.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Ethereum.jpg?fit=750%2C536\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"burning\",\"cryptocurrency\",\"eth\",\"ethereum\"],\"dateCreated\":\"2023-02-03T18:30:15Z\",\"datePublished\":\"2023-02-03T18:30:15Z\",\"dateModified\":\"2023-02-03T18:30:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Ethereum.jpg?fit=750%2C536","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/518587"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=518587"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/518587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/514768"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=518587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=518587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=518587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}