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Ethereum initiated its ‘London Hard Fork’ upgrade on 5th August, and since then, 50,000 Ether tokens have been burned. When a token is burned, it is removed from the available supply, increasing the scarcity of those that remain.
The huge number of burned tokens amounts to roughly $165 million. The amount of Ether held on exchanges is continually dropping. As a result, Ethereum’s future is likely to turn deflationary, and traders expect ‘deflation’ to impact Ether’s price positively.
The changes being made to Ethereum are impacting not only Ether but Bitcoin, too. Ether outperformed Bitcoin’s August rally, with the former gaining 26% and the latter just 16%.
In fact, Bloomberg Intelligence analyst, Mike McGlone, believes that Ether might eventually challenge Bitcoin for the top spot in the rankings of digital assets by market capitalisation. In crypto terms, this change is referred to as ‘flippening’.
“There appears little can stop the process of Ethereum ‘flippening’ to take the top spot by market cap, even it takes years rather than months at current trajectories,” Mike McGlone said. “Ethereum appears on an enduring path as the go-to platform for the crypto ecosystem and decentralisation of finance akin to Amazon Inc and e-commerce.”
At the time of writing, Ether has a market capitalisation of $357.055 billion, while Bitcoin has a market capitalisation of $852.005 billion.
Traders appear to be favouring deflationary cryptocurrency Ether over Bitcoin. Cryptocurrency exchange Gemini recently conducted a survey entitled ‘The State of Crypto in Singapore Report 2021’. The report revealed that Ether is the most popular digital token in Singapore. In Singapore, approximately 78% of crypto investors hold Ether, and 69% hold Bitcoin.
Ether’s growing popularity can be largely attributed to the events that followed the London Hard Fork update initiation. Along with the $165 million worth of Ether tokens that have been burned since 5th August, there has been an increase in the number of deflationary blocks produced.
Independent research firm, FundStrat Global Advisors, said: “We expect fees moving through the platform to increase concurrent with the recent uptick in market activity.” The firm went on to say that we “should continue to see further disinflationary and perhaps even deflationary effects on Ethereum’s circulating supply, resulting in positive price performance.”
The ‘London Hard Fork’ update led to the burning of a significant number of Ether tokens. As a result, Ether appears particularly attractive to traders. Analysts are watching the digital currency closely, believing that the altcoin could potentially dominate the crypto space in the future.
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