Ethereum Price to Continue to Rise Due to Cryptocurrency Shortage

HappyCoinNews2024/11/07 18:22

By:HappyCoinNews

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Leon Weidmann, head of research company Onchain Insights believes what course Ethereum (ETH) will continue to rise due to cryptocurrency shortage.

Firstly, Weidmann recorded an increase in the number of staking Ethereum According to his data, members of the crypto community blocked 28,9% of the issued ETH, which in quantitative terms amounts to 34,8 million coins worth $98,8 billion at the current rate.

Ethereum Price to Continue to Rise Due to Cryptocurrency Shortage image 0

Change in the amount of staked Ethereum

Secondly, cryptocurrency exchanges are gradually running out of stocks Ethereum . Currently, trading platforms hold 19,2 million coins worth $54,5 billion. This figure has been declining since November 2022, when exchanges held about 27,5 million ETH.

Ethereum Price to Continue to Rise Due to Cryptocurrency Shortage image 1

Fluctuations in the number of coins Ethereum on the balance of crypto exchanges

According to Leon, these factors are causing the supply level to fall. Ethereum , which, if current demand continues or increases, will lead to a further increase in the value of the cryptocurrency.

The bullish rally in the ETH market began on November 6 after Donald Trump's victory in the US presidential election was announced. Ethereum abruptly increased by 20% and reached $2880 on Thursday, the highest since early August. If Weidmann's prediction comes true, the upward trend will resume after the coin's price correction, which is currently observed.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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