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.
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
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.
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.
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.
For ETH 2.0, staking is already underway, with over 3.9 million ETH deposits already made. Staked ETH gets to earn validator rewards and MEV, which are just more financial reasons to hold ETH.
Meanwhile, EIP-1559 that will burn transaction fees will create a positive feedback loop for its prices, which is the biggest upgrade the community is eagerly awaiting.