Ethereum (ETH) has staged a powerful rally over the past month, with its market dominance climbing to 18.9% — just shy of the psychologically significant 20% mark. As of September 1, 2021, ETH hit $3,563, gaining over 5% in 24 hours and 11.8% over the past week. The asset's 30-day performance stands at a robust 39%. With a market capitalization of approximately $417.5 billion, Ethereum now represents nearly a fifth of the total $2.21 trillion cryptocurrency economy. In contrast, Bitcoin's dominance has slipped to 40%.
Market Data and Trading Dynamics
Global crypto trading volume over the last 24 hours reached $158.5 billion, with Ethereum contributing $34.4 billion. The most popular trading pair for ETH is Tether (USDT), accounting for 52.6% of all trades, followed by USD (14.84%), BTC (12.48%), BUSD (6.59%), EUR (2.90%), and KRW (2.32%). Ethereum's circulating supply stands at 117.3 million ETH, and 97% of holders are currently in profit. On-chain data from IntoTheBlock indicates a concentration of large holders (whales) at 42%, showing relatively high institutional and high-net-worth participation.
EIP-1559 Burns Over $500 Million in ETH
Since the activation of the Ethereum Improvement Proposal EIP-1559 on August 5, 2021, the network has burned approximately 156,960 ETH, valued at over $500 million at current prices. The burning mechanism, which destroys the base fee of each transaction, has reduced the net issuance of new ETH, creating deflationary pressure. According to Dune Analytics, the burn rate has accelerated as network activity surges. Technical indicators: the hourly MACD (Moving Average Convergence Divergence) for ETH/USD shows a bullish crossover, while the Relative Strength Index (RSI) has climbed above 50. At press time, ETH is trading just above $3,500, still 18.5% below its all-time high of $4,356.99 reached on May 12, 2021. However, since its low of $0.432979 on October 20, 2015, ETH has skyrocketed by an astronomical 819,810.2%.
Sentiment and Outlook
Despite being 18.5% off its ATH, Ethereum's ongoing supply squeeze from EIP-1559, combined with the booming DeFi and NFT ecosystems and increasing institutional adoption, continues to fuel bullish sentiment. IntoTheBlock data shows that 62% of ETH holders have held for more than one year, while 31% have held for less than a year, indicating a relatively loyal long-term base. Over the past seven days, transactions exceeding $100,000 have aggregated to an impressive $95.66 billion. Analysts note that the $3,600–$3,700 zone represents significant resistance. A decisive break above that level could pave the way for a retest of the all-time high.