According to the source, the ratio has seen a steady decline from the 27% recorded over a year ago. Back then, the price of ETH was about $110 per coin. However, cryptocurrency markets experienced growth in the past few months. Moreover, several institutional investors showed their interest in Ether, buying large amounts of crypto.

The decrease in the supply of Ethereum could lead to an increase in the price of the token. In particular, a crypto analyst Lark Davis even suggests an increase by 400%, writes The Daily Hodl.

A Chinese beauty app maker Meitu purchased Ethereum worth $28.4 million on March 17, adding to its previous purchase of $22.1 million in ETH on March 5. Grayscale investments also invested in Ethereum, having bought 243,519 ETH in February. Moreover, the company’s Ethereum Trust continues to acquire additional ETH.

Ethereum is the second-largest cryptocurrency on CoinMarketCap.com, with a market cap of over $207 billion and a 24-hour trading volume of over $19 billion. It is trading at around $1,802 per coin at the time of writing.

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According to the source, the firm made the investment via cryptocurrency exchange Kraken. Moreover, Thornton Place expressed its plans to purchase more Bitcoin in the future.

This investment by the Canadian company is not as large as some other recent institutional buys. Just two days ago, on March 17, the Chinese beauty app maker Meitu invested $50 million to buy about 386 BTC and 16,000 ETH. This is in addition to previously buying about 379 BTC and 15,000 ETH on March 5.

MicroStrategy last week invested an additional $15 million into Bitcoin, bringing its holdings to over $5 billion. Moreover, Tesla in February this year revealed its investment of $1,5 billion in Bitcoin. The company also suggested the possibility of accepting the world’s largest crypto for payments in the future.

Bitcoin’s price has been quite volatile, with a 24-hour low of about $54,253 and a 24-hour high of about $60,116, per CoinMarketCap.com data. It is trading at around $58,700 at the time of writing.

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EIP 1559 upgrade will cut down the supply of Ethereum tokens by destroying outstanding ETH each time users make a transaction on the network. Cryptocurrency experts expect that limiting Ether’s maximum supply will drive the price of the token higher, according to the source.

Ethereum is a network that has many other applications besides cryptocurrency. For example, these include DeFi, non-fungible tokens (NFTs), smart contracts, decentralized apps, and decentralized autonomous organizations (DAOs).

Recent large investments in Ether showed the interest of institutions in the altcoin market. Grayscale Investments purchased 243,519 ETH in February, along with buying other coins such as Litecoin and Stellar Lumens. Moreover, a Chinese AI-driven beauty app maker Meitu invested $22.1 million into ETH last week.

The total supply of Ether is infinite, and its total circulating supply is over 114.97 million tokens. Ether’s market cap is around $210 billion at the moment of writing, according to CoinMarketCap.com data.

ETH price is up over 8% in the past 24 hours and over 149% above its closing price on the last day of 2020. At the time of writing, the token is trading at around $1,814.

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Meitu is a company founded in 2008 specializing in AI-driven technologies for photo and video processing. They released several beauty apps and have a listing on the Hong Kong Stock Exchange since 2016. Years later, now Meitu apps have a large user following, both in China and internationally.

With the $40 million investment, the beauty app maker joined a number of companies that already invested in cryptocurrency. A month ago, Tesla revealed the purchase of Bitcoin worth $1.5 billion in the annual SEC filing. Shortly after, Square and MicroStrategy increased their Bitcoin investments, with these companies buying 3,318 and 19,452 Bitcoins, respectively.

Despite the Bitcoin hype among institutional investors, Meitu’s investment in altcoin Ether is also substantial. However, it is not the only company that invested in crypto other than Bitcoin. For instance, Grayscale Investments also recently purchased altcoins, including Ether, Litecoin, and Stellar Lumens.

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