Ethereum turns bullish after more than 500,000 ETH burned

  • According to Pantera Capital's latest report, the combined market capitalization of Bitcoin and Ethereum surpasses top banks and financial institutions.
  • Implementation of EIP-1559 has wiped half a million Ether from circulating supply, creating a supply shortage in the altcoin.
  • Analysts have predicted that ETH prices will continue to climb upward and set $6000 as the next price target.

Analysts are bullish on Ethereum with the spike in burned ETH tokens since the London hard fork. The implementation of EIP-1559 has triggered a supply shock across exchanges, triggering a bullrun in ETH. 

Analysts predict explosive growth in Ethereum with brewing supply shock

EIP-1559 has proven to be one of the most significant upgrades in the Ethereum hard fork. With over 500,000 million Ether pulled out of circulating supply, a shortage and a "supply shock" are underway. 

Nearly $1.7 billion worth of ETH has been burned since EIP-1559 went live. 

Ethereum tokens burned since the EIP-1559 launch.

Lark Davis, cryptocurrency analyst and Youtuber, commented on Ethereum's burn, 

Traders are grappling with high fees on the Ethereum network, but ETH price is on the rise. ETH has posted nearly 20% gains over the past two weeks. 

Dan Morehead, CEO of Pantera Capital, recently commented on the rapid takeover of decentralization, as the combined market cap of BTC and ETH exceeds that of top banking and financial institutions. 

Analysts are bullish on Ethereum's growth. The transition from proof-of-work (PoW) to proof-of-stake (PoS), also known as "The Merge," is scheduled for launch in 2022. The development team has revealed that "sharding" will be shipped in an update early next year. 

Nikhil Shamapant, the author of "The Triple Halving" narrative of Ethereum, is bullish on ETH and shared his opinion on "sharding."

FXStreet analysts have evaluated Ethereum's price trend and predicted $6000 as the next target for the altcoin. 

 

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