Ethereum is being pushed by the supply-demand towards undiscovered heights.
Ethereum, which is regarded as the world’s second largest Cryptocurrency after Bitcoin,, increases to an all-time high as there is a decline in its supply across major crypto exchanges. A contrasting positive correlation between Ether’s rising prices and its declining reserves has been shown by Data fetched by CryptoQuant, a South Korea-based blockchain analytics platform.
Market analyst Joseph Young shared the correlation above just as ETH/USD reached its record peak of $2,595. That illustrated one crucial fundamental of the Ethereum market: the demand for its native ETH tokens rose exponentially just as its availability on crypto exchanges went for a toss. As a result, the cryptocurrency’s bids climbed.