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 -1.15% Bitcoin / USD BTCUSD $ 60,638.38
-$697.34-1.15% Volume 25.31 b Change -$697.34 Open $60,638.38 Circulating 18.85 m Market Cap 1.14 t 23 h UNIFY Financial Credit Union and Five Star Bank Allows Customers to Now Buy, Sell, and Hold Bitcoin 1 d Canadian Group-Retirement Savings Company Adds Bitcoin and Ethereum to its Plan 1 d Walmart is Running Pilot Program to Allow Users to Buy Bitcoin at 200 Coinstar Kiosks Across the US
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 -0.74% Binance Coin / USD BNBUSD $ 477.01
-$3.53-0.74% Volume 1.16 b Change -$3.53 Open $477.01 Circulating 166.8 m Market Cap 79.57 b 5 d Over 160 Projects Are Launching on Terra by Early Next Year to 'Amplify Demand for UST' and Send it to $10 Bln, says Founder 1 w China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero 1 w BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem DOT -2.82% Polkadot / USD DOTUSD $ 42.63
-$1.20-2.82% Volume 1.19 b Change -$1.20 Open $42.63 Circulating 987.58 m Market Cap 42.1 b 3 d Cosmos Unveils New Blockchain, Sagan, A Canary Network to Allow Developers to Run Tests And Experiments 4 d Circle’s Stablecoin USDC Launches on Hedera Hashgraph's Network 5 d Bitcoin Continues to Attract All the Inflows With Traders Eyeing A BTC Price Jump to $100,000 SOL -3.87% Solana / USD SOLUSD $ 191.42
-$7.41-3.87% Volume 2.64 b Change -$7.41 Open $191.42 Circulating 300.96 m Market Cap 57.61 b 2 d FTX Raises $420M in Series B From 69 Investors, Valuation Hits $25 Billion 3 d Tether (USDT) Market Cap Surpasses $70 Billion, Majority Issued on Tron Blockchain 4 d Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace CAKE 0.04% PancakeSwap / USD CAKEUSD $ 19.80
$0.010.04% Volume 188.82 m Change $0.01 Open $19.80 Circulating 235.1 m Market Cap 4.65 b 1 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL 1 mon SEC Creates A Stand-Alone Office to Conduct Investigations into Crypto and Other Digital Assets: Report 2 mon Bitcoin Surges Past $50k on Low Funding But Institutional Investors Are More Bullish on Ethereum
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.