Ethereum Hits $1,780: Becomes Harder To Buy On Crypto exchanges

Ethereum becomes harder to buy on Crypto exchanges as it hits $1,780
  • Ethereum balance on exchanges has touched a 16-month all-time low of 15,162,927 ETH
  • Ethereum hit an all-time high of $1,826, while Bitcoin hit an all-time high of $47,355 in February 2021
  • Glassnode reported that at present, crypto exchanges hold only 7% of Ether’s total circulating supply

Ethereum Balance on Exchanges has reached a 16-month low of 15,162,927.567 ETH between the immense buying pressure observed these days. Glassnode, a blockchain data and intelligence provider, stated vital details about why Ether coins are growing rare on Crypto exchanges. 

For about two and half years, Ether reserves on crypto exchanges have not been this low. Surprisingly, in the present scenario, Crypto Exchanges hold only 7% of Ether’s total circulating supply. 

Ethereum Massive Gas Fee

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Ether has doubled its price since the start of 2021. The asset surged from $750 to $1740, which is about 132% since December 2020. In no uncertainty, a massive number of investors have entered into Ethereum. But, the gas fees on ethereum have also doubled with its increasing prices. From January 15 to February 10, ethereum gas fees has seen a massive surge of 300%. The Gasfees surge has only benefited Miners, not the developers.

Ethereum skyrocketing Network Fees

High gas charges appear to be a norm now on Ethereum. The asset has a bigger blockchain because it records a lot more information to keep smart contracts in place and record the data that smart contracts rely on. 

Rahul Pagidipati the ZebPay, CEO, a cryptocurrency exchange, highlighted a structural shift in Ethereum towards the 2.0 protocol, allowing investors in Ether to earn interest. Furthermore, with the foundation of Ethereum 2.0, the world is introduced to a sharding concept, which significantly reduces the network fees. 

Sharding partitions the blockchain into several chains or shards that contain a subset of the data and synchronizes them with each other. Another way to lessen the network fees is via implementing layer two technology such as Raiden and ZK rollup. 

Ethereum is trying distinctive approaches to solve its underlying problems, but the problems still exist. However, the obstacles the blockchain is facing are usual and maybe resolved successfully in the coming future if significant efforts are made. 

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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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