Ethereum Sets New Record Value
OREANDA-NEWS. Ethereum hit an all-time high above $4,700 on Monday. The cryptocurrency gained 4% in the past 24 hours, with its capitalization surpassing $560bn, according to CoinGecko. The altcoin's market share has reached 18.7% with a total digital asset valuation of $3tln.
Ethereum's latest wave of appreciation started on 29 September. Since then, the cryptocurrency has gained 74%.
Last week, CME Group, the largest financial derivatives market, announced the launch of 1/10 Ethereum futures. Trading in the new instrument will begin on 6 December. The value of the futures contract will be 0.1 ETH ($474 at the exchange rate on November 8).
In early August, the Ethereum network released an update to London that completely changed the mechanism for charging transaction fees. Some of the commissions that miners used to receive as rewards are now burned off.
Burning is the destruction of part of the tokens to reduce their number in circulation. This method is used to fight inflation and increase the value of the cryptocurrency. All coin burning transactions are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.
Since 5 August, 800,000 ETH worth $3.7 billion have been burned, according to ultrasound.money. The average burn rate so far is 5.86 ETH worth $27k.