2021-3-24 19:01 |
The price of Ether continues to struggle as it hovers around $1,700.
Up 135% YTD compared to Bitcoin’s 92%, Ether’s all-time high came last month at $2,050, which is only 45% above 2017 ATH. Bitcoin meanwhile made a new peak earlier this month at about $62k, 210% above the 2017 peak.
According to Kain Warwick, founder of Synthetix, people are basically sitting on the sidelines as the impending 1559 launch, multiple L2 launches, and the shift to PoS all have “significant execution risk and could easily be delayed.”
There’s actually a lot of demand for the second largest network, so much so that Ethereum blocks have been at least 95% full ever since DeFi’s popularity started rising in the summer of 2020.
This month, Ethereum blocks have been 97%-98% full, per Coin Metrics.
Demand for block space has been playing a big factor in the skyrocketing gas prices. Gas fees are ultimately paid to Ethereum miners making up 50% of their revenue. Because each block can have a limited number of transactions due to maximum block size, miners prioritize transactions with the highest gas prices. Leo Zhang, founder at Anicca Research notes,
“Blockspace is the commodity that powers the heartbeats of all crypto networks. In PoW, miners are the producers, mining pools are the auctioneers, and users are the bidders.”
Source: CoinMetricsEther is actually being used as a non-speculative asset more than ever as its role within the Ethereum ecosystem becomes more significant over time, notes Arthur_0x of DeFiance Capital.
This assessment is based on the fact that the amount of ETH on centralized exchanges has reached the lowest level in the last 19 months. At the same time, ETH balance held in smart contracts have reached over one-fifth of Ether supply at 21.11%, which is more than 12.94% of supply held on exchanges.
Amidst this, the number of ERC-721 contracts is hitting a new peak in the light of ongoing NFT mania. But these 19K ERC-721 contracts are just a small fraction of the 17.84M smart contracts launched on Ethereum.
The overall pace of Ethereum contract creation meanwhile is slowed down in 2021. They are currently averaging $15k-25k new contracts per day after peaking at over 100k new contracts at the end of last year.
Over 3.57 million ETH are also locked in ETH 2.0 deposit contracts. All of this, combined with the upcoming implementation of EIP-1559 and the accelerated timeline of PoS merge, “should further increase the value of ETH,” said Arthur. “The future of Ether looks bright to me.”
Ethereum/USD ETHUSD 1,675.3605 -$44.56 -2.66% Volume 20.42 b Change -$44.56 Open$1,675.3605 Circulating 115.18 m Market Cap 192.98 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Ethereum Blocks Consistently At Least 95% Full, ETH’s Use as a Non-Speculative Asset on the Rise first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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