Ethereum cryptocurrency rate skyrocketed to annual high

CONTENT

  • The second largest asset by capitalization reached a maximum since June 2019.

  • It is extremely unlikely that it was the Bitcoin pump that contributed to the growth of ETH.

  • Ethereum fees continue to update highs due to price increases.

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The general excitement in the cryptocurrency market pushed the second largest cryptocurrency by capitalization to highs since June 2019.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, peaked for the first time since June 2019 amid increased market activity.

At the time of this writing, the ETH / USD rate is $ 305.95 (+ 7.78% increase in 24 hours).

According to the analytical resource skew., The volume of ETH options trading also reached a record high, exceeding the $ 250 million level on the Deribit exchange..

Bitcoin has nothing to do with it

The growth of the ETH market is also due to the pump of the bitcoin cryptocurrency, the trading pair of which BTC / USD has already managed to surpass the $ 10,000 mark in the short term..

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Nevertheless, the drivers of the soaring price of ETH are to a large extent precisely the growth of decentralized finance products (DeFi Decentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and .. . More) deployed on Ethereum blockchain, not recovery to the previous highs of the oldest cryptocurrency.

DeFi market capitalization has already reached an all-time high, surpassing the $ 3.67 billion mark.

Recall that just a few weeks ago, the capitalization of the same market barely reached $ 2 billion. Capital gains clearly signal increased interest from both small and large participants in the cryptocurrency market..

Loan-oriented cryptocurrency platforms Maker, Compound and Aave remain popular services in the DeFi sector. The total capitalization of these three projects alone today exceeds $ 2 billion.

Ethereum cryptocurrency rate skyrocketed to annual high

Growth side

However, along with the growth of activity, commission costs continue to grow. The average daily commission level on the Ethereum network returns to January 2018 and has already skyrocketed to $ 1.51.

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Just a week ago, the average commission level on the Ethereum blockchain was $ 0.863.

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The most popular project in terms of commission costs is still Tether (USDT), which uses almost 9 thousand ETH (~ $ 2.7 million) in commissions every month..

Current growth could take significantly longer than many anticipated.

Earlier, the well-known cryptocurrency analyst Crypto Michael said that after breaking through the $ 300 level, the ETH rate will be able to fix in the $ 470- $ 500 range.

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Ethereum cryptocurrency rate skyrocketed to annual high
Ethereum cryptocurrency rate skyrocketed to annual high
Ethereum cryptocurrency rate skyrocketed to annual high
Ethereum cryptocurrency rate skyrocketed to annual high

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