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More than 700,000 ETH were burned, with a total value of about $2.983 billion, according to Ultrasound. So far, OpenSea has burned more than 91,000 ETH, followed by Ethereum Transfer (more than 65,000 ETH) and Uniswap V2 (more than 51,000 ETH).
One possible indicator of Bitcoin’s rally was a 10.3% increase in active addresses in October. This shows the growing interest in cryptocurrencies. BTC’s average daily trading volume also rose in October. Ethereum has also shown an uptrend. ETH price hit a new high on Friday. With the explosion of SHIB and other altcoins, a new craze in the market has also led to an increase in burning of Ethereum. This creates a deflationary effect, which increases the economic value of ETH and promotes the price breakthrough of Ethereum. Bitcoin price is still hovering between $60,000 and $65,000, awaiting further direction choices.