Bittime - The crypto world is increasingly heating up on exchanges, marked by a rally in various crypto assets without a clear correlation. Cheatsheet , today's roundup of crypto news, examines this phenomenon and the latest developments surrounding Ethereum.
Diverse Rise in Crypto Assets
The crypto market is now in a dynamic bull market phase, where various crypto assets are experiencing an increase without a clear relationship between leading assets. On the day, toncoin ( TON ) led the gains with a 25% surge as of 8 a.m. ET.
TON is a standalone layer-1 blockchain with its use in the Telegram trading bot network whose popularity has soared rapidly over the past year. In second place, XRP posted a 12.5% gain, followed by FLOW, the native token of Dapper Labs' NFT-only blockchain, which rose 9%.
Meanwhile, Bitcoin (BTC) and Ethereum (ETH) tend to stagnate in the same period. The overall crypto market capitalization is now just 7% shy of the record high of $3 trillion set at the end of 2021.
Check Today's Crypto Market:
| ETH/IDR | SOL/IDR |
| BTC/IDR | ATOM/IDR |
| USDT/IDR | ARB/IDR |
ETH Burning Increases Significantly
In contrast to the stagnation on the exchange, activity on the Ethereum blockchain actually shows extraordinary activity. In the past month, the supply of ETH shrank by 74,603 ETH (approximately $300 million) due to the burning mechanism.
Previously, this burning mechanism had stopped between Christmas and the second week of February. With the current burn rate and price of ETH, it is estimated that Ethereum will burn $10 billion worth of ETH in the next year, as predicted by ultrasound.money.
Since August 2021, the Ethereum network has implemented a mechanism for burning a small amount of ETH on each transaction, specifically the base fee paid by users. Thanks to this mechanism, ETH supply shrank 0.31% over the past year and is predicted to decrease 1.42% next year if on-chain activity continues to increase.
Despite this, the Ethereum network still issues new ETH with each block. Without a burning mechanism, the circulating supply of ETH would increase by 0.5% every year. Leading DEX (Decentralized Exchange) Uniswap is still the platform burning the most ETH, with total burns reaching over 22,000 ETH ($87.9 million) over the past month.
Interestingly, the Telegram Banana Gun trading bot actually burns more ETH compared to layer-2 such as Arbitrum and Optimism. It is estimated that ETH supply will fall below 120 million next May, which will return it to August 2022 levels.
ETH (Ethereum) Price Today
Source: Bittime.com
On March 13 2024, the price of ETH (Ethereum) was at IDR 63,426,579 per coin, down 0.19% in 24 hours and up 13% in the past week.
Also Read How to Buy Crypto:
Crypto Market Analysis
Although the crypto market shows mixed movements, some analysts are optimistic about its long-term prospects. Cathie Wood, CEO of Ark Invest, predicts that the price of Bitcoin could reach $1 million in the next decade, driven by institutional adoption and increasing demand.
On the other hand, some analysts warn of potential risks associated with crypto, such as high volatility and uncertain regulation. The US SEC (Securities and Exchange Commission) is reportedly considering tightening rules regarding stablecoins, which could have a significant impact on the crypto industry as a whole.
Conclusion
The crypto world continues to show high dynamics, with various assets experiencing price increases and decreases. Ethereum is showing brilliant performance with an effective burning mechanism, while Bitcoin is still looking for momentum to return to the top. On the business side, crypto companies like CleanSpark are showing rapid growth, but Michael Saylor's sale of MSTR shares raises questions about MicroStrategy's future .
The crypto market is predicted to continue to grow in the coming years, accompanied by increasingly widespread adoption and clearer regulations. Investors need to conduct in-depth research and consider their risk profile before investing in crypto assets.
Check Crypto Prices Today:
How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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