Ethereum Prices Jump Close to 40% in 30 Days as Dominance Nears 20%

Ethereum burn
Ethereum burn

Ethereum Prices Jump Close to 40% in 30 Days as Dominance Nears 20% – All eyes have been on ethereum (ETH) during the last few days as prices continue to climb higher. On September 1, 2021, ETH prices tapped a high of $3,563 per unit gaining more than 5% in value over the last day.

Two-week statistics show ether has jumped 18.1% and 39% during the last month. At the time of writing, the crypto asset ETH’s market cap is $417.5 billion which has increased ETH’s market dominance to 18.9% while bitcoin (BTC) dominance has slid to 40%.

Ethereum's Crypto Economy Dominance Nears 20% as Ether Prices Rocket to New Heights
ETH/USD chart recorded on September 1, 2021

Out of the $158.5 billion in global trade volume across all the coins in existence, ether trade volume during the last 24 hours is around $34.4 billion on Wednesday. Ether’s top trading pair on Wednesday is tether (USDT) as the stablecoin commands 52.6% of all ETH trades.

This is followed by USD (14.84%), BTC (12.48%), BUSD (6.59%), EUR (2.90%), and KRW (2.32%) ether trading pairs. Currently, ETH has a circulating supply of 117,343,977 ether and 97% of current ETH holders are profitable. Intotheblock statistics show the concentration of large ETH holders today is 42%.

Over $500 Million Ether Burned To-Date

Today’s price correlation with Bitcoin is lower than usual and Intotheblock statistics show it is around 0.93. While 62% of ether holders have held ETH for a year or more, 31% hold for less than a year. As far as transactions greater than $100K over the past seven days, there’s been an aggregate total of $100K transactions adding up to $95.66 billion.

Dune Analytics data indicates that as of September 1, 2021, more than $500 million in ether has been burned via EIP-1559. That’s approximately 156,960 ETH burned at the time of writing. ETH has accelerated through the $3,500 zone and there’s heavier resistance at $3,600-$3,700 per unit. The Moving Average Convergence-Divergence indicator (MACD) hourly shows ETH/USD is looking more bullish and the hourly Relative Strength Index (RSI) has jumped above 50.

At the time of writing, ETH is changing hands just above the $3,500 per unit zone and is down 18.5% from the coin’s all-time high (ATH). On May 12, 2021 (four months ago) ether reached a value of $4,356.99 per unit. However, ethereum (ETH) is up a whopping 819,810.2% since the crypto asset’s low on October 20, 2015, at $0.432979 per ether (six years ago).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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