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This is Cheatsheet, a primer on whats happening in crypto today.

Crypto has hit that point of the bull market where anything and everything is rallying without any real link between star performers.

Today, toncoin (TON) is beating the top end of the table, up 25% as of 8 am ET. While TON is its own layer-1 blockchain, the token finds utility with a web of Telegram trading bots rapidly gaining popularity over the past year.

XRP is second for the day with 12.5%, followed by flow (FLOW), the native crypto for the NFT-focused chain built by Dapper Labs, which is up 9%.

Bitcoin (BTC) and ether (ETH) have ended up flat over the same period. Cryptos total market capitalization is now only 7% shy of its $3 trillion record high, set in late 2021.

After plateauing for six weeks, Ethereum is now burning supply faster than at any point in the past nine months.

As of August 2021, the Ethereum network burns a small amount of ETH with every transaction specifically the base fee paid by users.

The ETH supply has shrunk by 0.31% over the past year and is currently on track to reduce by 1.42% over the next if on-chain activity keeps up.

The network still issues fresh ETH with every block: without burns, the circulating ETH supply would increase by 0.5% every year.

Bitcoins strength still hasnt converted to gains for crypto stocks, with only two set to open Tuesday higher: MicroStrategy and Coinbase.

Still, CleanSpark is the only miner to beat S&P 500 over the past month, now up 20% to the S&Ps 2%. The Las Vegas-headquartered firm announced plans to double its hashrate in February.

Over the year-to-date, CleanSparks 52% gains are second only to MicroStrategy, now up 147%. Coinbase trails slightly with 48.3%.

CleanSpark, now the second-largest mining stock by market value, flipped Colorado-headquartered Riot earlier this month, worth $3.34 billion to $2.98 billion.

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Cheatsheet: Ethereum on track to burn $10B ETH over next year - Blockworks