Ethereum Moves to a New High

Ethereum is reporting new all-time high
  • The daily average of the fee of ETH amounts to $7.25million
  • The lack of movement in BTC is leading the investors to look at other altcoins

Ethereum is reporting new all-time high in its prices and this has divulged the attention of the traders from Bitcoin. The analysts are also of the view that ETH will be going to grab attention from traders very soon and DeFi users will benefit a lot from the soaring prices of ETH.

Ethereum has been reporting new highs and has surged to $14,00 levels in the past 24 hours. The coin records an all-time high. On the other hand, there is a stagnancy observed in Bitcoin, which was gaining heights since March. However, the focus of the traders has now shifted to ETH than BTC as there is a halt seen in the prices of Bitcoin for some time now.

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Ethereum is gaining new heights and it is the second-largest cryptocurrency by market cap. This upswing in the currency is the result of Decentralised Finance (DeFi). Spencer Noon, an analyst and General Partner at Variant has tweeted that there are more than 1.25millionD DeFi users and they will all be going to benefit from the soaring prices of Ethereum. 

He further said that ETH will continue to dwarf the entire crypto space in terms of fee. The daily average of the fee of ETH amounts to $7.25million. It is considered to be the most used network in the world. Though the fees are quite high, yet the traders’ interest in ETH has not dampened their spirit. They are known as gas in ETH parlance.

Jacob Franek, a partner at DeFi assumed that the high amount of gas will be beneficial and shows a positive sign. It is considered to be the accurate direct measure of aggregate willingness to pay for block space. ETH has not been one of the valuables in block space currently. 

Where Ethereum is making new highs, Bitcoin is seeing a downward rally. The BTC USD pair remains unchanged as was predicted by the cryptocurrency trader Jonny Moe. The lack of movement in BTC is leading the investors to look at other altcoins. Vijay Ayyar, Head of Business Development at Luno, Cryptocurrency exchange, Singapore stated that Bitcoin has been sluggish for the past few weeks. This gives time to people to rotate capital into other currencies. 

The current price of ETH is $1439.33 at 12:00 UTC. It has exceeded the all-time high of $1,432.88 hit on Jan.13. ETH has returned 85.78% while BTC traded at 2.97% lower at $35,456.79.

The Grayscale Ethereum Trust closed at 17.16% higher at $16.46 and the Grayscale Bitcoin Trust closed 3.27% lower at $38.06. 

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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