Ether Price Hits New Record High as Analysts Anticipate Supply Drop
- Date: 22-Apr-2021
- Source: Yahoo News
- Sector:Technology
- Country:Middle East
Ether Price Hits New Record High as Analysts Anticipate Supply Drop
Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Omkar GodboleApril 22, 2021, 4:48 AM·1 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Ether (ETH) rallied to new lifetime highs on Thursday on speculation that an impending blockchain upgrade might result in a drop in supply.The native cryptocurrency of Ethereum's blockchain rose to a record high of $2,564 during European trading hours, toppling the previous peak price of $2,546 reached on April 16, according to CoinDesk 20 data.“Ethereum's net annual issuance will drop substantially following the Phase 1.5 ETH 1 to ETH 2 merger,” Messari's research Wilson Withum tweeted.Related: Bitcoin Consolidates Below $56K Resistance as Buyers Lose StrengthWith the upcoming EIP 1559 upgrade, ether will “become a deflationary asset,” Nick Spanos, co-founder of Zap Protocol, told CoinDesk. “This feature will reduce the coin supply and have a corresponding effect on the price, creating an attraction point for more buyers.”Ether has been on a tear of late, outperforming bitcoin by a wide margin. While the native cryptocurrency of ethereum's blockchain has gained 35% this month, bitcoin is down about 8%.Analysts studying ether-bitcoin (ETH/BTC) chart patterns say ether's outperformance could continue in the near term.“ETH/BTC is getting a