Ethereum (ETH) issuance turned deflationary over the weekend amid a market-wide rally.
ETH supply growth is about -0.10% per year: 622,000 ETH issued annually and 739,000 ETH burned annually, according to Ultrasound.money data.
In a simulation where ETH continued to use the proof-of-work (PoW) mechanism, the supply would increase another 1.45 million ETH, an increase of about 4% across the network, according to Ultrasound’s ‘Simulate PoW’ feature. .money.
However, the merger event, and the switch to the proof-of-stake mechanism, removed 32 ETH from the asset’s total supply, turning ETH back to deflationary.
ETH Approaches $1600
Ethereum is trading near $1600 for the first time since FTX crashed in November 2022, according to CryptoSlate data.
ETH broke the $1,500 barrier on January 14 and has continued to trade above the threshold ever since. In the early hours of January 16, ETH was trading as high as $1,579 before pulling back to its current $1,567.
Over the past 30 days, ETH has outperformed Bitcoin’s price performance, gaining 34.2%, while BTC rose 27% over the same period, according to CryptoSlate data..
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