ETH supply decreases by 0.23% after the Ethereum Merge update.
As per CoinMarketCap, Ethereum is on a bull run with a 1.95% increase in price.
As per today’s record, the ETH supply is shrunken with a decrease of 0.23% from the total market supply. This is due to the Ethereum Merge which is a recent network update. However, the update transits Ethereum (ETH) from Proof-of-work (PoW) to Proof-of-stake (PoS) consensus mechanism.
With this, the ETH transaction fees likely get burnt on a fraction. This is termed to be Ethereum is deflationary which means the supply decreases over time on that particular currency. Furthermore, Ethereum is bullish over the last 24 hours.
ETH on a Bull Run
As per CoinMarketCap, Ethereum is facing an increase of 1.95% with a trading volume of more than $5,970,936,776 in the crypto market. Though the memecoins like PEPE are expanding, major cryptocurrencies like ETH still rule the trade market.
ETH price chart (Source: CoinMarketCap)
Moreover, the price of ETH is $1,909.14 with all of its supply in circulation. This marks an overall increase of 4.11% over the week and the bull run continues. When compared with Bitcoin (BTC), there is a difference in the graph pointing upward and downward for Ethereum and BTC respectively.
Decrease in Ethereum Supply
Whereas, the ETH supply is on the edge of a decrease of around 0.321% per year after the Merge update was released. There could be a possibility of Ethereum reaching $2K sooner or later as bullish momentum prevails. Additionally, the current supply of ETH accounts for nearly 120M tokens.
ETH Supply (Source: ultra sound money)
Meanwhile, the results of the burn count 738,803.24 at the time of analysis and a decrease of 276,181 ETH over the supply change. This has reduced the supply growth by 0.32% over the year since the Merge.