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Ethereum (ETH) address activity surpassed Bitcoin for the first time in history. This comes amid BTC address activity, which has been steadily declining over the past few months. The EIP-1559 application on the Ropsten testnet witnesses 88 thousand ETH cryptocurrencies that have been burned worth $177 million so far.

Ethereum (ETH) address activity surpasses Bitcoin for the first time in history

After moving sideways and under pressure over the past week, Ethereum (ETH) price has shown a strong recovery from this week. At press time, the ETH price is up 8% and has crossed $2,150 at the time of writing this article.Cryptocoin. com, some of the on-chain indicators were already pointing to this price recovery.

Source: Santiment

Another important reason, however, is that the world’s second largest cryptocurrency has reached another milestone. For the first time in history, address activity on the Ethereum Blockchain network surpassed that of Bitcoin. While this comes amid the ever-decreasing address activity on the Bitcoin Blockchain, the ETH network is seeing an uptick, as reported by Santiment.

Ethereum’s London hard fork approaching

Last week on June 24, the much-anticipated London hard fork launched on Ropsten Testnet as developers look forward to the mainnet launch in July next month. The hard fork will introduce modification EIP-1559 that changes the calculation mechanism for Ethereum transaction fee.

Besides changing the fee structure, EIP-1559 aims to implement a “base fee” burning mechanism that will make Ethereum deflationary over time. To date, more than 88,000 ETH tokens worth approximately $177 million have been burned on the Ethereum Ropsten testnet. According to blockchain firm ConsenSys, implementing EIP 1559 will reduce annual supply by -1.4%. ConsenSys notes in its latest blog post:

As a side effect of a more predictable base rate, assuming that fee predictability means users will overpay for GAS less frequently, the EIP-1559 could lead to some reduction in GAS prices.

Individual and institutional demand for Ethereum is increasing

Individual and institutional demand for Ethereum has increased recently. Legendary stockbroker and host of CNBC’s Mad Money, Jim Cramer, said that he is optimistic about ETH as so much money is flowing into Ethereum.Cryptocoin. com

As we reported earlier , for more altcoin news, “FED Official Criticizes Bitcoin But Green Lights These Altcoins!” You can check our article.

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