Just Like Price of ETH, Ethereum Usage Is Seeing Consistent Growth
Ether price is now worth more than 0.04 BTC while hash rate, daily transactions, unique addresses, and transactions settled continue to hit record highs.
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 $ 34,106.80
$201.230.59% Volume 20.25 b Change $201.23 Open $34,106.80 Circulating 18.77 m Market Cap 640.06 b 23 h $30 Billion State-Managed Pension Fund Invests in Publicly Traded Bitcoin Miners 1 d A Great Tailwind for Bitcoin, Ether, and Crypto: A Gargantuan Amount of Money Is Wanting In 1 d Bitcoin Depot Deploys Over 700 Crypto ATMs Across Circle K Stores
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 -2.39% Binance Coin / USD BNBUSD $ 296.74
-$7.09-2.39% Volume 1.47 b Change -$7.09 Open $296.74 Circulating 168.14 m Market Cap 49.89 b 2 d A Hattrick of Attacks: Thorchain (RUNE) Exploited, Yet Again, for $8 Million 1 w Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 1 w Ethereum Scaling Solutions Continue to Record User Growth in Ongoing Boring Market Condition DOT -3.09% Polkadot / USD DOTUSD $ 13.19
-$0.41-3.09% Volume 843.49 m Change -$0.41 Open $13.19 Circulating 978.1 m Market Cap 12.9 b 5 d Bitcoin Retesting the Lower-End of Range, OI Still Continues to Soar While GBTC Unlocks Now Behind Us 1 w Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 1 w Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain SOL -4.73% Solana / USD SOLUSD $ 27.42
-$1.30-4.73% Volume 288.4 m Change -$1.30 Open $27.42 Circulating 272.64 m Market Cap 7.48 b 4 d Neon Labs Integrates Cross-Chain EVM Solution Into Solana, Bringing Ethereum Dapps to the Blockchain 1 w Solana Based Crypto Wallet Phantom Raises $9M to Scale Operations 1 w Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain CAKE -3.31% PancakeSwap / USD CAKEUSD $ 13.61
-$0.45-3.31% Volume 289.83 m Change -$0.45 Open $13.61 Circulating 200.87 m Market Cap 2.73 b 1 w SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio 2 w DeFi Bounces to Outperform Shitcoin Index; Compound Kickstarting Round 2 of DeFi Summer? 3 w DeFi Protocol Cream Finance To Launch On Polygon
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.