2021-4-21 18:01 |
Ether is enjoying a positive price action as it surged back to the $2,350 level today after the weekend sell-off to $2,000.
With Bitcoin taken to ranging, it is turning out to be bullish for Ether and altcoins. As such, the Ether price is going up against Bitcoin as well and is now worth more than 0.04 BTC.
BTC 0.59%
Bitcoin / USD
BTCUSD
$ 55,755.75
$328.96
0.59%
Volume 57.9 b
Change $328.96
Open $55,755.75
Circulating 18.69 m
Market Cap 1.04 t
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1 h
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2 h
Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth
2 h
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This increased price momentum comes along with the record volume on CME Group. For most of April, Ether futures on CME, which were launched in early Feb., has constantly been recording increasing volumes.
CME ether futures saw record volumes on Monday pic.twitter.com/H9vWGye5HX
— skew (@skewdotcom) April 21, 2021
Much like the price, the network fundamentals are just as bullish, with the hash rate on the network on an uptrend ever since December 2019.
Unique addresses have also been only growing, now past 148.5 million. Daily transactions also hit a new ATH at 1.5 million this week versus 1.35 million on Jan. 4, 2018.
Average gas fees on the network continuously keep above 150 Gwei with several significant upticks along the way, which first gained momentum during DeFi summer, as per Etherscan.
While the high fees on the second-largest network continue to price out the smaller users due to high activity on the platform, it goes without saying people are still using it and paying the fees.
“You pay high fees now because it’s the most useful chain by far. The catalysts coming will be the most obvious in retrospect,” said Kyle Davies, co-founder of Three Arrows Capital.
The consistent growth in usage can further be seen in transactions settled by the Ethereum blockchain, which has reached $1.5 trillion in transactions in Q1 2021.
Ethereum settled $1.5 trillion in transactions in Q1 2021.
That’s more than it’s previous 7 quarters combined. pic.twitter.com/B1FJw54YGA
— Ryan Watkins (@RyanWatkins_) April 21, 2021
While other blockchains are also gaining traction and seeing usage such as BSC, Polkadot (DOT), Solana (SOL), and others, heightened activity makes them vulnerable just as much as Ethereum. As we reported, BSC is now overloaded that is making the popular project on it, AMM, PancakeSwap slow down and is now asking its users to use more gas.
BNB 8.20%
Binance Coin / USD
BNBUSD
$ 579.86
$47.55
8.20%
Volume 10.37 b
Change $47.55
Open $579.86
Circulating 153.43 m
Market Cap 88.97 b
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2 h
Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth
4 h
“Use More Gas” Says PancakeSwap As It Slows Down Due To Binance Smart Chain (BSC) Overload
1 d
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DOT 4.74%
Polkadot / USD
DOTUSD
$ 35.76
$1.70
4.74%
Volume 2.77 b
Change $1.70
Open $35.76
Circulating 931.67 m
Market Cap 33.32 b
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2 h
Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth
1 d
Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
1 d
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SOL 12.97%
Solana / USD
SOLUSD
$ 33.62
$4.36
12.97%
Volume 729.28 m
Change $4.36
Open $33.62
Circulating 270.02 m
Market Cap 9.08 b
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2 h
Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth
5 d
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CAKE 15.44%
PancakeSwap / USD
CAKEUSD
$ 27.65
$4.27
15.44%
Volume 1.64 b
Change $4.27
Open $27.65
Circulating 157.01 m
Market Cap 4.34 b
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2 h
Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth
4 h
“Use More Gas” Says PancakeSwap As It Slows Down Due To Binance Smart Chain (BSC) Overload
1 w
BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst 'BSC DeFi Summer'
So, Ethereum remains the leader in the space, and with L2 solutions and ETH 2.0 coming up, it is working on the scalability issues.
For ETH 2.0, staking is already underway, with over 3.9 million ETH deposits already made. Staked ETH gets to earn validator rewards and MEV, which are just more financial reasons to hold ETH.
Meanwhile, EIP-1559 that will burn transaction fees will create a positive feedback loop for its prices, which is the biggest upgrade the community is eagerly awaiting.
Ethereum/USD ETHUSD 2,428.6033 $260.10 10.71% Volume 40.52 b Change $260.10 Open$2,428.6033 Circulating 115.56 m Market Cap 280.65 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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