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Analysts say ether will become a deflationary asset after the impending EIP 1559 upgrade.

Ether (ETH) rallied to a new lifetime high on Thursday on speculation an impending blockchain upgrade might result in a drop in supply.

The native cryptocurrency of Ethereum’s blockchain rose to a record high of $2,564 during European trading hours, toppling the previous peak price of $2,546 reached on April 16, according to CoinDesk 20 data.

“Ethereum’s net annual issuance will drop substantially following the Phase 1.5 ETH 1 to ETH 2 merger,” Messari’s research Wilson Withum tweeted.

With the upcoming EIP 1559 upgrade, ether will “become a deflationary asset,” Nick Spanos, co-founder of Zap Protocol, told CoinDesk. “This feature will reduce the coin supply and have a corresponding effect on the price, creating an attraction point for more buyers.”
Ether has been on a tear of late, outperforming bitcoin (BTC) by a wide margin. Ether has gained 35% this month while bitcoin is down about 8%.
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