The cryptographic industry is rejoicing after the Ethereum token has achieved a major milestone in the number of tokens locked up on the Beacon chain. Ethereum locked on the Beacon chain has surpassed 19 million ETH and valued at a total value locked (TVL) of $27.7 billion. This new record-breaking milestone was quickly noticed by Binance CEO Changpeng “CZ” Zhao and he made a statement that hinted at the price rally of Ethereum in the coming days. CZ’s comment “Locked ETH at ATH. You know what follows?” suggests that a decrease in the available supply of Ethereum tokens could lead to an increase in Ethereum price if demand stays the same.

The basic economic principle behind this statement is that as the demand stays at a certain level and the supply of a particular asset decreases, the price of the asset is likely to experience an uptrend. This is what could be the case for the Ethereum cryptocurrency, since more investors are looking to take part in staking for Ethereum tokens for long-term gains. Consequently, the cryptocurrency is currently exchanging hands at $ 1,823.51 representing a 0.15% growth in the past one hour and 1.29% decrease in the last 24 hours.

It is sure that these high ETH wallets and staked tokens are an extremely positive sign for the Ethereum decentralized network and will drive the cryptocurrency’s price rally. This view is further backed by many crypto community members, who believe that the trend will continue forward and push Ethereum’s growth more in the near future.



Other News from Today