Since its debut on August 4, 2021, the Ethereum Improvement Protocol (EIP) 1559 has been an integral feature of the London Hard Fork.

The major goal of this upgrade is to stabilize the excessive gas fees that are caused by scalability issues with Ethereum’s proof-of-work (POW) network.

Ethereum Burn For Price Stabilization

This was considered as a solution to help offset the inflation rate associated with miner incentives while also establishing the value of the Ethereum ecosystem’s native asset.

According to Research, about 1,959,407 ETH in base fees have been consumed since EIP-1559 was adopted in August 2021, valued more than $5 billion at the exchange rate in March 2022.

Stats For total ETH burnt. Source: Watch The Burn

More than 1.9 million coins have been permanently removed from circulation as a result of this.

Related article | Ethereum Founder Burns Billions Worth Of Coins

On September 15, 2021, a total of about 297,000 ETH were destroyed. As of March 2022, the total quantity of burned coins has climbed by 559 percent, according to the numbers cited above.

Because coin burning is mostly related with fees, a major portion of this statistic can be ascribed to an increase in demand for non-fungible tokens (NFTs) such as CryptoPunks and Bored Ape Yacht Club, as well as for use on decentralized exchanges like Uniswap and SushiSwap.

The major goal of EIP-1559 after it was launched was to burn 2,560,000 ETH in a year (August 2021 to August 2022).

ETH/USD trades at $2,600. Source: TradingView

The gap between the entire number of ETH that will be burned and the total number that has already been burned is over 600,000 ETH.

This indicates that almost 76 percent of the coins expected to be destroyed have already been torched, with the remaining 24 percent set to be burned by the end of August 2022.

Related article| Ethereum Price Surges As London Hard Fork Goes Live

Featured image from Pixabay, chart from TradingView.com

Data shows the Bitcoin trading volume now seems to be stabilizing at higher values than 2022’s average, but given the trend in the metric this year so far, it may not last too long.

7-Day Average Bitcoin Trading Volume Has Remained Fixed Around $5 Billion Recently

According to the latest weekly report from Arcane Research, after staying at low values for much of 2022, the BTC trading volume looks to have found some ground at high values recently.

The “daily trading volume” is an indicator that measures the total amount of Bitcoin being transacted on the blockchain on any given day.

When the value of this metric goes up, it means the BTC network is becoming more active as a larger amount of coins are being moved around on the chain.

On the other hand, when the value of the volume decreases, it implies the network is turning less active. Such a trend may be there because investors are waiting for the crypto to reach certain price targets before they make their move. It may also just show a general lack of interest around Bitcoin at the moment.

Related Reading | Bitcoin Exchange Reserve Has Now Reached An Equilibrium After 2 Years Of Downtrend

Now, here is a chart that shows the trend in the BTC trading volume over the past year:

The indicator seems to be at high values for 2022 right now | Source: Arcane Research's The Weekly Update - Week 9, 2022

As you can see in the above graph, the Bitcoin trading volume seems to be around $5 billion right now, and has been around this value for some time now.

This value is significantly higher than what has been there for much of 2022. This means that the network has become more active recently.

Related Reading | Why Is Bitcoin So Volatile, Anyway? Fidelity Digital Assets Explains

However, a few times in the year already the metric has shown similar surges, but the volume always died down soon after.

If Bitcoin isn’t able to make any significant price moves in the near term, the volume may once again sink down as traders start becoming disinterested, just like the instances earlier in 2022.

Low volume can be quite problematic for the crypto since any big price move requires a sufficiently large amount of traders participating, but as during periods of low volume the activity is low, a big price climb won’t sustain for too long.

BTC Price

At the time of writing, Bitcoin’s price floats around $41.9k, down 4% in the past week. The below chart shows the trend in the price of the coin over the last five days.

Looks like the price of Bitcoin has surged up over the past 24 hours | Source: BTCUSD on TradingView

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research