Ethereum hit new record high overnight as coins get taken out of circulation

The world's second largest cryptocurrency by market cap, Ethereum (ETH-USD), reached a new all-time high on Tuesday evening as it continues to benefit from the London hard fork network software update. Since reaching a new record high of $4,679 per token, it has pulled back somewhat to $4,526; still up 2.0% in the past 24 hours. Ethereum's (ETH-USD) London hard fork, which was activated in early-August to make the tokens' fees more affordable, also gives the token capacity to process more transactions; each transaction on the Ether (ETH-USD) network burns a small quantity of the token. With that being said, if alt coins that run on the Ether (ETH-USD) blockchain including Shiba Inu (SHIB-USD), Uniswap (UNI-USD) and stablecoin Tether (USDT-USD) surge in price, they can burn more Ether (ETH-USD) tokens than there are minted, causing the price of ETH to rise, Bloomberg reports. Tether (USDT-USD), one of the largest Ether (ETH-USD) burners,