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 -3.98% Bitcoin / USD BTCUSD $ 49,306.72
-$1,962.41-3.98% Volume 56.37 b Change -$1,962.41 Open $49,306.72 Circulating 18.71 m Market Cap 922.57 b 35 min 70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt 56 min Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 1 h Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing
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 -4.10% Binance Coin / USD BNBUSD $ 588.76
-$24.14-4.10% Volume 3.37 b Change -$24.14 Open $588.76 Circulating 153.43 m Market Cap 90.33 b 4 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 4 d Ethereum is Literally Unusable; Fees Surge to New ATH as Dogs Take Over the Network 4 d SHIB Token Is Sending Ethereum Gas Prices Higher DOT 8.54% Polkadot / USD DOTUSD $ 48.28
$4.128.54% Volume 7.58 b Change $4.12 Open $48.28 Circulating 938.14 m Market Cap 45.3 b 4 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 w BoE Governor Andrew Bailey Says Crypto Investors Trading In A Bubble 1 w Binance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand SOL -5.67% Solana / USD SOLUSD $ 41.85
-$2.37-5.67% Volume 408.4 m Change -$2.37 Open $41.85 Circulating 272.64 m Market Cap 11.41 b 4 d Ethereum is Literally Unusable; Fees Surge to New ATH as Dogs Take Over the Network 4 d SHIB Token Is Sending Ethereum Gas Prices Higher 1 w Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece CAKE -7.70% PancakeSwap / USD CAKEUSD $ 30.37
-$2.34-7.70% Volume 307.38 m Change -$2.34 Open $30.37 Circulating 164.9 m Market Cap 5.01 b 2 h Sushiswap's SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman 1 w Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance
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.