2021-2-10 18:34 |
With Ether in price discovery, the digital asset continues to hit new highs. This week, ETH/USD went to $1,840 with more than 145% gains YTD.
Today, we also dropped to $1,692, following Bitcoin’s fall to $44,575, which coincides with actress Lindsay Lohan tweeting “bitcoin to the moon,” only to make it back above $1,750.
Based on the price to sales (fees) ratio, as per Grayscale, Ether actually remains underpriced.
Source: Grayscale
Although Tesla only bought Bitcoin and did not announce any ETH allocation, the digital asset is also enjoying institutional interest; as we reported last week, 80% of the inflows in crypto funds were for ETH.
Additionally, in its 2020 Year in review report, Coinbase also revealed that “a growing number (of institutional clients) also took positions in Ethereum” over the course of the year.
CME has also launched ETH futures for its institutional investors. The world’s largest regulated financial derivatives exchange provides exposure to ETH derivatives for both long and short.
This could further accelerate ETH inflows into Grayscale’s Ethereum Trust (ETHE), which currently holds 3.05 million ETH already, to pocket the ETHE premium.
The growing interest in ETH can also be seen in the addresses holding large amounts for ETH, those holding at least 10k ETH, which has been matching with Bitcoin’s large holders.
Source: CoinMetrics
However, as we have repeatedly been reporting, growth in prices is also reflected in fees, which has been hitting new all-time highs, reaching its highest level ever of $25.80 on Feb. 5th.
This has the Ethereum mining revenue increasing by 54.7% for an average of $45.7 million per day compared to Bitcoin mining revenue of $40.4 million, which increased 20.3% week-over-week.
High transaction fees make it extremely expensive for those trying to use the Ethereum network and even more so for those using DeFi.
While insanely high fees show the huge demand for the network, it also prices out the users, especially smaller ones.
However, unlike the 2020 summer, when the number of daily active addresses dropped off as fees spiked, the same is not the case this time as Ethereum network usage remains high during the whole ordeal. Active addresses actually stayed relatively high, averaging between about 550K and 600K a day, ever since January.
Ethereum/USD ETHUSD 1,737.6945 $5.04 0.29% Volume 41.73 b Change $5.04 Open$1,737.6945 Circulating 114.62 m Market Cap 199.17 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 Jumped Above ,800 This Week But Fundamentals Still Outpacing Price first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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