Ethereum’s Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance – Markets and Prices Bitcoin News
The second largest crypto currency by market valuation, Ethereum, has seen significant gains this week compared to the rest of the crypto economy. Ethereum reached a record high of $2,736 per unit on Wednesday, while the crypto asset jumped 11.48% over the past seven days.
Ethereum cracks the new ATH
While many digital assets lost value last week, the price of Ether (ETH) recovered much faster than most. The 27th. April, up more than 11% on the week, ETH hit a record high (ATH) of $2,706 per Ether on Tuesday. Again, on Wednesday, the price of Ether hit the ATH around $2,736 a piece.
In the past seven days, the price of Ether has also risen 10% against bitcoin (BTC). Bitcoin’s dominance has also been exhausted as it has fallen to 49.2%, while Ether is now up 14.9%.
ETH/USD chart on Wednesday 28. April 2021. Time, Bitstamp.
Against the US dollar, ether is up 48.3% today and 102% over the past three months. The 12-month statistics show that the Ether rose by 1,270.57% against the US dollar. ETH has gained 55% against bitcoin (BTC) over the past 30 days and 22% against BTC over the 90-day period. Since reaching the new high, ETH is down 2.55% from that high in Wednesday morning trading.
Since the 15th. In April, ETH transaction prices fell.
After the launch of Ethereum on the 15th. April had introduced the Berlin upgrade, Ethereum users noticed that the price of gasoline had dropped significantly. This has intensified activity in decentralised finance (Defi) this week, and the total value locked up in Defi (TVL) is now $63.2 billion. The manufacturers’ dominance includes 15.83% of the $63.2 billion held in the current definition. Moreover, Ethereum’s computing volume is slowly catching up to that of BTC.
While BTC transactions totaled $75.1 billion over the past 24 hours, the ETH network recorded $23.57 billion in transactions during the day. Still, the number of transactions per day on the Ethereum network is much higher than on BTC.
1.45 million Ethereum transactions were processed in 24 hours, while only 289,613 BTC transactions were confirmed. The median fee to enter the next block on Wednesday is about $14.31 per transaction for BTC, while the median fee for ETH is only $5.89 per shipment.
Ethereum is the number one BTC network, Ethereum’s settlement exceeds that of Paypal.
ETH is also considered the leading secondary BTC chain, as no other chain owns as many packaged or synthetic BTC tokens as ETH. As of today, there are a whopping 201,058, and Project Wrap Bitcoin (WBTC) has registered 156,936 of the current selling offerings.
There are currently 201,058 bitcoins (BTC) or 11 billion BTC using the Ethereum network for speed of transactions, lower costs, and defensive applications.
While many digital assets are nibbling away at BTC’s dominance index, ETH is taking most of the ground away from the leader. Outside of hash strength, Ethereum is ahead of BTC and ahead of Paypal in most metrics.
Paypal processed $936 billion in payments last year, explained popular Twitter user @spencernoon. In the last quarter alone, Ethereum generated $1.5 trillion in activity. This number is also increasing exponentially. Paypal’s market value is $310 billion, while ETH’s is $263 billion, he added.
Since Spencernun’s tweet, Ethereum has so far accumulated a total market valuation of about $311 billion.
What do you think of Ethereum’s price rise in recent days? Let us know what you think in the comments below.
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