Ethereum rally at its biggest high in just 35 days, touched $1750

ETH upsurged to $1750, breaks all record
  • The Ethereum gas feed has upsurged to an average transaction fee of over $25
  • the transaction fee of Ethereum has climbed to 5x from $5 transaction fee on January 1

Ethereum surged to an all-time high of $1750 levels. It has been the second-largest cryptocurrency in the world which has broken all records. The coin is driving a strong rally in the altcoin market. Besides the investors, ETH miners are also minting money from this coin.

Ethereum has nearly doubled

Ethereum is the new Bitcoin. It is the second-largest cryptocurrency that has broken all records and hit an all-time high of $1750. In one week, ETH has gained more than 25%. The coin is driving a strong rally in the altcoin market amid bitcoin consolidation. 

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Just after the launch of CME Ether Futures, ETH enters the price discovery mode. The new prices for ETH came just three days before the launch. It is also interesting to know that ETH miners are also minting good money in this rally besides ETH investors. The Ethereum gas feed has surged to an average transaction fee of over $25, according to the BitInfo. 

In 35 days, the transaction fee of Ethereum has climbed to 5x from $5 transaction fee on January 1. According to the data on Glassnode, the miners made a whopping $3.5million in just one hour. This has happened due to the increase in the coin’s transaction fee, which topped new highs.

The coin has become a paradise for miners as the miners of ETH are gaining a lot of profit, nearly 2x more than bitcoin miners so far in 2021. As per the CoinGape, $325 million has been paid in ETH transaction fee in January 2021. This comes amid a huge surge in the Ethereum network community. The DeFi market has contributed to a large part of the funding. 

The DeFi crypto marketplace has been upsurged this year. According to Messari data, the DeFi market cap has surged over 300% year-to-date. The surge in ETH prices comes due to varied reasons like improving on-chain fundamentals, the ETH 2.0 staking and the recent ETH institutional buying. According to the Glassnode data, the total number of non-zero addresses for ETH has reached an all-time high. 

The total number of ETH coins along with Ethereum 2.0 has surged to 2,947,682 ETH. The investors were very confident in Future Ethereum developments. The investors had invested in a whopping $5billion worth of ETH. 

Since last week, Grayscale, Digital Asset Manager has been buying ETH. In Friday’s rally, the Grayscale Ethereum Trust (ETHE) purchased 21,000 ETH coins taking its weekly purchasing to over 100K ETH coins. They invested $200 million. The total asset management of the ETHE has surpassed $5 billion.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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