Xiaoou Micro: Ethereum returns strongly! The data on the three major chains has long been clues

Since the upgrade of Ethereum London on August 5, the upward trend of Ethereum has been obvious. As of now, the price of Ethereum has recovered more than 90% of its lost ground compared with the previous high of $4,300. In addition, Ethereum has increased by more than 20% in the past week. Compared with the current relatively calm trend of the entire crypto market, Ethereum can be described as a strong return!

Regarding the strong return of Ethereum this time, the master data on the chain actually has a foreboding:

1) ETH destruction increased p

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0 Keyun Chain Oklink data shows that on August 31, the amount of EIP-1559 burned exceeded 12,000 for the first time, reaching 12,104, the highest amount burned in a single day. However, the data shows that the amount of ETH burned that day was about 1.28W, which basically offset the amount of ETH newly added that day.

Small European micro: Since the implementation of the Ethereum improvement proposal EIP 1559, the number of single-day burns has gradually increased. Today, the amount of daily burns and new ones are approaching, and the trend of deflation is becoming more and more obvious.

2) The NFT craze has not diminished

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since August 2021The daily trading volume of NFT has risen sharply, reaching a maximum of 268 million U.S. dollars. The total transaction volume of Open Sea in the NFT market has exceeded 4 billion U.S. dollars, a record high. Yesterday, the NFT project Loot even formed a screen effect on social media, with a 24-hour transaction volume exceeding 38 million U.S. dollars.

Xiaoou Micro: At present, about 90% of NFT projects are issued based on Ethereum, and the payment method for NFT works auctions is also Ethereum. Under the strong demand for trading and investment, NFT is bound to boost the price of Ethereum.

3) The whole network of Ethereum has increased

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However, Oklink data shows that the current Ethereum computing power has risen to near the highest level in history, and the next competition is bound to become more intense.

Xiaoou Micro: Increasing computing power and intensifying competition among miners. If the price of ETH cannot rise, many Ethereum miners may face bankruptcy risks.

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