WARNING: ETHEREUM AT $4,000 IN FEBRUARY. ETHEREUM PRICE PREDICTION $40,000 IN DECEMBER 2021!!!
Ethereum price renewed maximum and approached $ 1500
Ethereum cryptocurrency rate set a new price record at $ 1480
ETH moves from centralized exchanges to the DeFi industry and staking
Average gas price skyrocketed to $ 9
Course updated historical maximum (ATH) during the Asian trading session on Monday 25 January. The second largest cryptocurrency came close to the $ 1500 mark
Over the course of the day, Ethereum has risen in price by 13% and entered the growth leaders among the ten largest coins. ETH Hits New High at $ 1,480 According to Tradingview.com.
ETH chart – Tradingview.com
Since the beginning of 2021, the ETH rate has doubled, and over the past 12 months it has grown by 800%. At the time of writing, ETH is trading at $ 1,440. Despite pulling back from the highs, the coin remains bullish.
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The event did not go unnoticed in the industry.
Jay Hao, head of OKEx cryptocurrency exchange, noted that second-tier solutions could be the driving force for Ethereum;
“ETH has updated ATH again. The Ethereum Universe Is Expanding Fast With The Big Bang In DeFi Decentralized Finance (DeFi) – this is financial services, technology-based blockchain that offer users access to open, effective and … More and the emergence of working solutions of the second level. It is time for industry participants to start thinking about how to navigate this new universe. I bet on high performance and blockchain interoperability “.
Race for profit
Industry observer Lark Davis noted that Ethereum volume on centralized exchanges has dropped to its lowest level in the past fifteen months. This is usually a good sign. Traders are not going to sell coins and withdraw them to wallets for long-term storage.
#ethereum balance on exchanges has reached a 15 month low, and withdrawals are not slowing down. Price probably going to double in the next two weeks like #bitcoin did. pic.twitter.com/1c15gayBuM
– Lark Davis (@TheCryptoLark) January 25, 2021
However, this time, investors are withdrawing Ethereum from exchanges not only to cold wallets. A significant portion of the coins go to ETH 2.0 staking and decentralized finance (DeFi) protocols.
Read also: How Ethereum grew: a review of previous rallies
According to ETH 2.0 Launchpad, 2.82 million ETH is blocked in the Beacon Chain contract. At the current exchange rate, this is about $ 4 billion. The annual percentage rate of return in ETH for staking participants is currently around 9.3%.
DeFi has about 7 million ETH blocked. This is evidenced by data from DeFi Pulse. Thus, 8.6% of the current issue was actually withdrawn from circulation. As in the case of bitcoin, investors are determined to keep the coin, and not speculate with it in order to make quick money..
Other criteria, like the number of Google searches or mining difficulty, have also reached new heights..
Gas prices continue to rise
Along with the rise in the value of ETH, the average cost of transactions on the network also increased. According to bitinfocharts.com, gas prices have reached $ 9.30. The maximum was recorded on January 11 at $ 16. Despite the correction, gas is likely to continue to rise in price this year.
The cost of transactions on the Ethereum network. Source bitinfocharts.com
The increase in value so far covers any transaction costs, since everyone who bought Ethereum earlier is in profit. Yet the relevance of deploying cost-effective solutions such as EIP 1559 is greater than ever.
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