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Crypto News: To the delight of many Ethereum holders and investors, Binance CEO Changpeng “CZ” Zhao reiterated his optimism about Ethereum’s price rally in the coming days. This comes after the total number of ETH locked on the Beacon chain hit an all-time high of 19,375,242 ETH.
Locked ETH Hits Record High
As per the insights provided by the crypto analytics platform Nansen, the amount of Ethereum tokens that are currently locked has surpassed 19 million ETH. This milestone has been accompanied by a total value locked (TVL) of $27.7 billion, which comes as a significant achievement for the Ethereum network.
Read More: Binance Opens Conflux Network (CFX) Mainnet Deposits and Withdrawals
It is worth noting that this has happened after a minor dip in the amount of Ethereum locked in these protocols due to recent withdrawals. This achievement holds significant implications for Ethereum and its investors, particularly concerning the potential for the cryptocurrency to maintain its rapid growth trajectory.
Ethereum Price Rally Soon?
The CEO of the world’s largest cryptocurrency exchange recently shared his thoughts on the new record-breaking milestone of locked Ethereum tokens in the Beacon smart contract. On Thursday, the 46-year-old crypto entrepreneur made a statement that hinted at the possibility of a subsequent price increase for Ethereum. His comment, “Locked ETH at ATH. You know what follows?”, seems to suggest that the increase in the amount of Ethereum locked up may lead to a decrease in the overall supply of Ethereum tokens available on the market.
Locked ETH at ATH. You know what follows? https://t.co/3xS8OoCfT9
— CZ 🔶 Binance (@cz_binance) May 11, 2023
This basic economic principle of supply and demand indicates that a reduction in the supply of a cryptocurrency, such as Ethereum, could result in an increase in its price if demand remains constant or increases. The same has been echoed by the larger crypto community as it believes the trend is likely to continue since more investors seek to participate in the benefits of staking Ethereum, which include better yields and possible capital appreciation.
In the wake of this crypto news, the price of Ethereum is currently exchanging hands at $1,823.51 which represents a gain of 0.15% in the past one hour as opposed to a drop of 1.29% recorded over the last 24 hours.
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