January Deflation Worth $16 Million

Ethereum, the second-largest cryptocurrency by market capitalization, experienced a drop in total supply last month.according to ultrasonic moneyETH supply fell by a net of 10,145.72, resulting in a deflationary value of about $16 million.

This news is important to the Ethereum community as it is a sign of network robustness and security. The decline in supply can be attributed to various factors, including changes in market sentiment. However, despite this deflationary trend, the current total ETH supply still stands at 120,515,722.

Ethereum Network Still Strong

Despite this drop, the Ethereum network remains one of the strongest and most secure networks in the cryptocurrency space. The network has been able to withstand various challenges, such as network congestion and high transaction fees, and continues to attract developers, businesses and investors.

The Ethereum network has also seen a lot of development activity lately, with new projects and partnerships announced regularly. This bodes well for the future of the network as it shows that it will continue to evolve and grow.

Partnerships such as TronWeekly report The English Premier League has partnered with blockchain-based fantasy sports company Solare to create an Ethereum-based digital player card.

Additionally, CoinGecko data shows that the price of Ethereum (ETH) saw a significant increase in January, rising 30.9% over the past 30 days. The Ethereum bulls have performed quite well, breaking out of the key resistance at $1,659.89 and setting their sights on $1,700. According to CoinMarketcap, ETH is currently trading at $1,572.90, increasing by 1.21% weekly.

ETHUSDT 2023 02 01 01 20 04
Source: Trading View

Moreover, CoinGecko’s latest report It highlights that despite the 67.5% drop in the price of Ethereum (ETH) in 2022, the number of addresses holding 1 ETH or more increased by 28.1%. The number of such addresses increased from 1.41 million on January 1, 2022 to 1.73 million by December 31, 2022.

However, the drop in ETH supply in January is a sign of a healthy and secure network. The Ethereum community can rest easy knowing that the network is robust and continues to attract developers, businesses, and investors. As the network evolves and grows, we can expect more positive developments in the future. January Deflation Worth $16 Million

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