Ethereum Supply “Plunges” As Prices Leave Orbit To ATHs

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The supply-demand factor is pushing Ethereum towards undiscovered heights. At least, that is what appears to be the case as the world’s second-largest cryptocurrency climbs to a new all-time high just as its active supply across all the major crypto exchanges declines. Data fetched by CryptoQuant, a South Korea-based blockchain analytics platform, elaborated it further, showing a contrasting positive correlation between Ether’s rising prices and its declining reserves. Ethereum price vs. supply. Source: CryptoQuant.com 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. Why so Demand? Petr Kozyakov, co-founder and CEO at the global payment network Mercuryo, told Bitcoinist via an email statement that the demand…

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