• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home Crypto Market

      2.4 Million ETH could be burned by the end of 2021 and price can hit $10k sooner than you think

      Karthik Guttha by Karthik Guttha
      August 7, 2021
      in Crypto Market
      0 0
      0
      2.4 Million ETH could be burned by the end of 2021 and price can hit $10k sooner than you think
      2.2k
      SHARES
      27.9k
      VIEWS
      Share on FacebookShare on Twitter

      A couple of days back, Ethereum officially activated a hard fork upgrade called “London” at Block 12,965,000. Unlike its previous improvement protocols, this one received more media attention and marked it as one of the most important developments in the Ethereum ecosystem. As a result, the price of ETH went up by more than 20% in the last seven days, and we are seeing it outperform bitcoin after climbing over the 100-day moving average. 

      This new runup in price is driving more and more interest, considering the massive uptick in user growth. However, we are also seeing many people make incorrect assumptions about this latest backward-incompatible hard fork. It is 100% correct that this upgrade eliminates several entry barriers and improves the Ethereum network’s user experience. But in no way it makes ETH a deflationary token like Bitcoin. 

      It is burning thousands of tokens every day and is projected to burn anywhere between 800,000 to 2.4 million ETH in 2021. This will positively impact the price as supply gets burned, but it is not going to happen in the long term. It would require some sort of structural changes and proposals to have that “deflationary effect.” 

                                                   Source-  BurnTracker

      The co-founder of Ethereum, Vitalik Buterin, is now more confident about the ETH 2.0 transition with the successful implementation of the London hard fork. We are now witnessing major changes that reduce fee volatility and increase market efficiency, so this is only proof that the upcoming ETH 2.0 merger will be more promising and impactful. 

      With that being said, let’s look at some on-chain stats and understand what could be the ceiling for Ethereum’s price action in the short term. 

      When ETH crossed $3000 in May, it took less than a week to get over $4000, so we can expect a similar move in the next few days. With nearly 16 green handles, Ethereum is not looking to slow down anytime soon. The recent upgrade, network growth, and BTC correlation have a lot to do with that. 

      We also see the number of new entities continue to increase, and also the number of inactive entities goes down. This means the ones entering are here to stay with active participation. In terms of BTC correlation, we are now sitting at 0.94, and any major move bitcoin makes now will significantly support ETH price. 

      The volatility is also a supporting indicator to predict a trend reversal, and right now, we see a 30-day high of 85%. With ETH crossing $3k, we can expect this to go even higher. 

      In conclusion, the price action of Ethereum is extremely bullish in the short term, and we can expect to see it touch the 4k mark pretty soon. We cannot deny that the new upgrade introduced the ecosystem to many new users, which has boosted the price. However, it is also important to remember that the nominal amount of gas burned via transactions will never outpace the inflation rate of the network. For investors, the upgrade should be looked at with a bigger lens because it shows that Ethereum will not remain stagnant or become obsolete. It is only going to evolve. 

      Karthik Guttha

      Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: featured
      Share892Tweet557Share223

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      ATOM Set to Explode after the Revised Tokenomics

      ATOM Set to Explode after the Revised Tokenomics

      by Aniketh Paul
      October 14, 2022
      0

      ATOM 2.0 Tokenomics will change the future of Cosmos hub and its native token. In this article, We'll deep dive...

      What’s Ahead on the Cryptocurrency Rollercoaster?

      What’s Ahead on the Cryptocurrency Rollercoaster?

      by Guest Author
      January 11, 2022
      0

      Cryptocurrency came on fast and furious and surprised financial experts, governments, and users alike with massive fluctuations and outstanding climbs...

      Discussing Bull & Bear Cases in 2022 with On-Chain Analysis

      Discussing Bull & Bear Cases in 2022 with On-Chain Analysis

      by Karthik Guttha
      January 9, 2022
      0

      In our previous on-chain market analysis, we mainly discussed that bitcoin needs to reclaim the $53k level, which is the...

      Highlights from 2021: The Year of Crypto

      Highlights from 2021: The Year of Crypto

      by Karthik Guttha
      December 31, 2021
      0

      2021 will be remembered as a year when we defied the odds.  We lost hope in traditional financial systems that...

      On-Chain Data Shows Open Interest is Reset to Previous Lows in May, Indicating a Spot-Driven Market

      On-Chain Data Shows Open Interest is Reset to Previous Lows in May, Indicating a Spot-Driven Market

      by Karthik Guttha
      December 12, 2021
      0

      The crypto market has been making violent swings over the past couple of weeks. The new covid variant, Omicron, certainly...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      November 22, 2022
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      binance exchange safe

      How Safe is Binance Exchange

      August 21, 2020
      featured image

      Top 3 Coins That Have Outperformed Bitcoin This Year

      April 26, 2020
      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      May 27, 2021
      Top 6 crypto trading strategies

      Top 6 Crypto Trading Strategies

      February 17, 2020
      Top 10 Ways to Make Money in Crypto

      Top 10 Ways to Make Money in Crypto

      October 19, 2022
      EIP-4844 Explained | The Biggest Ethereum Upgrade

      EIP-4844 Explained | The Biggest Ethereum Upgrade

      February 7, 2023
      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      January 17, 2023
      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      January 14, 2023
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      A Dummy’s Guide to Ethereum Rollups

      A Dummy’s Guide to Ethereum Rollups

      November 30, 2022
      Tezos Blockchain is Always Under the Radar but Continues to Excel

      Tezos Blockchain is Always Under the Radar but Continues to Excel

      November 22, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29620 shares
        Share 11837 Tweet 7398
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9925 shares
        Share 3969 Tweet 2481
      • Top 10 Low market cap altcoins to invest in 2021

        7260 shares
        Share 2902 Tweet 1814
      • Top 10 NFT Crypto Projects You Should Know

        7258 shares
        Share 2620 Tweet 1638
      • List of leading partners of Ripple, and How they use XRP?

        6046 shares
        Share 2418 Tweet 1511
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.