ETH Can Now Boast Impressive StatisticsDavid Kemp
All crypto market specialists admit that the latest news looks and sounds quite optimistic to those who deal with cryptocurrencies. The latest events might be of great interest to all crypt enthusiasts and especially individuals who choose ETH as their main digital asset. Several reliable information sources mention that the crypto market is expecting to see a huge Ethereum buy wall. It is likely to send the asset to a nineteen-month high against the top-ranked cryptocurrency.
Recent data illustrates that the price of the asset is going to hit a nineteen-month high against BTC. At the same time, user activity on Ethereum seems to have spiked to highs that the crypto industry hasn’t witnessed for the past few years.
What many professionals find important enough to note is that the price of ETH has managed to surpass four hundred and fifty USD. That makes up a massive buy wall on one of the most popular cryptocurrency exchange known as Bitfinex.
The latest trends and tendencies help crypto analysts to make predictions and foresee further movements. Not long ago, ETH reached two hundred and seventy USD, which is a nineteen-month record against the top crypto asset.
Many charts demonstrate that throughout several months, ETH has followed a relatively good upwards momentum. Moreover, it may have been the main reason that buoyed the user activity that was already rising on Ethereum. Information sources such asEtherscan state that the transaction volume on a daily basis on the platform has risen from approximately for hundred and twenty thousand eight months ago to more than one million two hundred thousand of daily transactions in the past few weeks.
Reasons for ETH Surges
Analysts are ready to share their opinions with the rest of the market to analyze and identify the real reasons why the price of ETH keeps on surging. Moreover, many specialists are trying to figure out why there is such an impressive demand for the asset nowadays. As users may have already noticed, the demand for it was truly explosive. Similar trends are seen with DeFi tokens as well as Uniswap.
The ETH blockchain network is a place where participants need to employ their assets to pay for ‘gas’ – that’s what the market called transaction fees. As we know, the gas costs. Since daily transactions are surging at present, there is a great need for users to purchase ETH. This is one of the fastest ways for them to cover expenses.
For the past two months, the industry has fueled the purchasing demand for this digital asset. At the same time, the period coincided with the exponential growth of the entire DeFi market. According to statistics obtained from leading analytic agencies, the costs of ‘gas’ are surging at a tremendous speed. This, in turn, causes many miners’ revenues to spike.
Researcherswrite that ETH miners have earned five hundred thousand USD in transaction fees and this has occurred in the past few hours. This makes a fresh record high for one single hour. This could only be compared to several other anomalous transaction fees that occurred earlier this year. Specialists conclude that this ongoing change will remain in the nearest few weeks.
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