The Ethereum Pectra upgrade has reduced supply, potentially affecting ETH prices. Unique active addresses have hit a 30-day high, while the burn rate spikes. Caution is advised despite positive trends. Meanwhile, Pi Network faces pressure from token unlocks, Binance adjusts trading pairs, and 21Shares launches a new ETP for CRO. Standard Chartered predicts bullish growth for Binance Coin (BNB).
The Ethereum network is seeing new momentum thanks to the recent Pectra upgrade launched on May 7. This upgrade is making waves by tightening the available supply of Ethereum, driving it to an 18-day low of around 120.69 million ETH. Reasons for this dip lie in the marked increase in user interactions across the first layer of the network.
According to on-chain analytics platform Glassnode, May 7 also marked a noteworthy spike in unique active addresses, peaking at 474,044, representing the highest level in 30 days. This uptick points to a revival in user engagement, showing that more individuals are actively participating in Ethereum’s ecosystem.
The increased activity is also resulting in a higher burn rate of ETH. Data from Etherscan indicates that the daily burn has surged to levels not seen since early May, contributing to an even more restricted supply of Ethereum circulating in the market.
Despite these optimistic signs suggesting ETH could soon approach the $2,000 mark, analysts urge a cautious approach. While the Pectra upgrade has spurred user activity and slowed supply, the overarching market conditions and the general sentiment of investors will ultimately dictate price movements.
In a separate but significant development, the Pi Network is currently under scrutiny as its token unlock schedule looms large, potentially overwhelming the market’s demand. In the fast-paced world of crypto, such shifts can have ripple effects on the token’s value.
Meanwhile, Binance, a major player in cryptocurrency trading, is reshuffling its offerings. The platform has decided to remove three spot trading pairs while keeping a closer eye on various other cryptocurrencies, indicating a tightening focus on quality.
Additionally, in a move that broadens investment options, Swiss asset manager 21Shares has launched a new exchange-traded product (ETP) linked to the native token of the Cronos blockchain, CRO. This could be a significant milestone in making crypto assets more accessible to mainstream investors.
Looking ahead, Standard Chartered has made headlines with its optimistic outlook for Binance Coin (BNB). The bank forecasts that BNB could reach around $1,275 by the end of 2025, with the potential to surge to an impressive $2,775 by 2028. This bullish forecast may stir interest from investors on the lookout for promising crypto assets.
