Ethereum Reaches $2,500 Despite Surging Transaction Fees

Ethereum, the world’s second-largest cryptocurrency, is up by nearly 8% in the last 24 hours. ETH price is approaching a new all-time high above $2,500 despite the latest surge in its on-chain transaction fees.

According to the latest data published by crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term firm, Glassnode, transaction fees of Ethereum touched $47.3 million per day earlier this week, which is the second-highest level on record. The total market cap of ETH crossed $285 billion on Thursday.

“Ethereum’s on-chain USD transaction fees hit the second-highest level in history yesterday. ETH on-chain fees hit $47.3 million per day, coming close to the ATH of $49.8 million set on 23 February 2021. Total fee revenue has exceeded $10 million per day since 1 February 2021,” Glassnode mentioned on Twitter.

Institutional interest in ETH-related investment products is growing. CoinShares, one of the largest digital asset managers worldwide, recently released its weekly digital asset inflows report and highlighted that Ethereum attracted nearly $65 million worth of institutional inflows last week. The world’s second-largest digital currency is gaining institutional interest due to its upcoming network upgrade (ETH 2.0).

The deposit contract of Ethereum 2.0 now has more than 3.9 million staked ETH, worth approximately $9 billion.

Ethereum Price in 2021

Ethereum started this year at a price level of nearly $730. The cryptocurrency is up by more than 210% in the last 16 weeks. Ethereum price is surging due to a jump in the adoption of ETH and its institutional accumulation. WeWork, the world’s leading flexible space provider, announced yesterday that the company has decided to accept Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and Ethereum as payment methods. Grayscale is one of the largest institutional holders of ETH. The asset manager has more than 3.1 million ETH worth approximately $7.5 billion.

The total market cap of Ethereum is now more than some of the leading banks in the world including the US-based Wells Fargo. ETH is now targeting the market cap of PayPal Holdings which currently stands at around $310 billion.