- USDC stablecoin surpasses rival Tether (USDT) for the first time.
- The entire supply of USDC on Ethereum is now 39.92 billion.
Because of the continually high transaction fees caused by soaring markets, the Ethereum network has suffered consecutive weeks of negative supply issuance. A tiny amount of Ether (ETH) has been burned with every transaction since the London upgrade introduced a burn mechanism into Ethereum’s fee market in early August.
ETH has been deflationary for the last seven days due to high gas costs, which means fewer tokens have been added to the supply than extracted via mining. Gas prices must continually be over 150 gwei for Ethereum to create deflationary blocks regularly.
Biggest Altcoin Bounces Back
Considering Bitcoin’s and Ethereum’s dreadful start to 2019, many in the crypto community believe the worst is over for these two digital currency giants. Bitcoin is up 6%, and Ethereum is up 10% since this time last week, respectively. Following a brief ascent, the world’s biggest altcoin has now bounced back. Furthermore, the price has gained 3.16 percent in the previous week.
Read More: Ethereum Price Prediction
Read More: Bitcoin Price Prediction
The total supply of the Ethereum-based USDC stablecoin surpasses rival Tether (USDT) for the first time. The total supply of USDC on Ethereum is now 39.92 billion, while the total supply of USDT is at 39.82 billion.
Bears may celebrate a daily closure below the $3,188.4 low of January 14 while keeping an eye on the critical $2,900 support level. According to CoinMarketCap, the Ethereum price today is $3,320.41 USD with a 24-hour trading volume of $9,244,691,466 USD.