TL;DR Breakdown
- Ethereum price rises above $1300 and eyes the $1400 mark
- The transaction fee on the network has also increased massively in the current year
Ethereum has continued its massive start to the year as the price of the asset is now over $1300 and showing signs of approaching the $1400 mark.
As of the time of this writing, the second largest crypto asset is trading for $1327 and it has a market capitalization of $150 billion making it one of the largest institutions by market cap in the world.
The price rally of Ethereum comes on the back of the massive surge the crypto industry has seen in recent times. Since the beginning of the year, the value of crypto assets like Bitcoin, XRP, Litecoin and other crypto assets have appreciated massively. This played a role in pushing the overall market cap of the industry to well over $1 trillion.
Institutional investment is also not just on the leading crypto asset alone, the biggest Bitcoin Futures trading outfit in the world, CME Group has also announced plans to roll out an Ether Futures platform by next month.
Away from that, the total number of addresses that are now holding over 10k ETH is now well over 1000. This means that there are now more hodlers of the crypto asset who are now showing more faith and trust in the digital coin.
Ethereum Transaction fee also increases
Network activity on Ethereum has also increased in recent times. According to Etherscan, the hashrate of ETH is now at an all-time high. The analytic site places the figure at 314,493.4455 GH/s which was recorded on January 8.
Transaction fees on the platform was also recorded to have gotten to a high of $17.43. When the transaction fee was recorded to be $12.5 as of September, 2020. Many analysts tied this to decentralized finance (DeFi) activities which depended on the Ethereum network as the cause.
