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Seeking Alpha 2021-08-31 13:09:30

Ethereum bolstered by network upgrade, inflows, Bitcoin falls behind

Ethereum bolstered by network upgrade, inflows, Bitcoin falls behind

Blockchain cryptocurrency Ethereum (ETH-USD) surges 8.3% to $3.46K and erases losses going back to mid-May following the implementation of its network upgrade in early-August, as well as continued inflows into investment products. Ethers' (ETH-USD) EIP-1559 upgrade, which stabilizes volatile transaction fees, has reduced the supply of ETH coins, burning a total of ~146.6K ETH since activation, taking ~40% of the new coins issued, Coindesk reports, according to Etherchain. CoinDesk also notes that recently, the number of ETH coins mined fell below BTC's daily issuance, implying more upside for Ether. On a technical basis, "we need to pay attention to $3,400 and see if we can get a daily close above," Currency Strategist at LMAX Digital told CoinDesk in a Telegram chat. "Otherwise, no confirmation and could just roll over," he added. On the other hand, Bitcoin ((BTC-USD +0.3%)) lags Ether as the world's most popular crypto struggles to claim $50K resistance, now up

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