In terms of market valuation, Ethereum, the second largest cryptocurrency, has achieved significant growth this week compared with other crypto economies. On Wednesday, Ethereum hit a record high of $2,736 per unit, as crypto assets have risen by 11.48% in the past seven days.
Ethereum cracked the new ATH
Last week, despite the decline in the value of a large number of digital assets, Ethereum (ETH) rebounded much faster than most people. On April 27, after a week of gains of more than 11%, Ethereum hit an all-time high (ATH) on Tuesday at US$2,706 per ether. Then, on Wednesday, the Ethereum price again touched ATH of approximately US$2736 per token.
In the past 7 days, the price of Ethereum relative to Bitcoin (BTC) has also increased by 10%. Bitcoin’s current dominant index has also been drained because it has fallen to 49.2%, while Ethereum now accounts for 14.9%.
The U.S. dollar exchange rate against the U.S. dollar rose by 48.3% last month and it has risen by 102% in the past three months. The 12-month data shows that the exchange rate of Ethereum against the US dollar has risen by 1,270.57%. In the past 30 days, ETH has gained 55% of Bitcoin (BTC) and 22% of BTC in 90 days. Since the use of the new ATH, in early trading on Wednesday, Ethereum has fallen 2.55% from that high price.
After Ethereum launched the “Berlin” upgrade on April 15, Ethereum users have noticed that natural gas prices have fallen sharply. This has increased the intensity of decentralized finance (defi) this week, and today, the total locked-up value (TVL) of defi has reached a huge value of $63.2 billion. Today, manufacturers dominate 15.83% of the $63.2 billion held by the Department of Defense. In addition, Ethereum settlement volume is slowly catching up with BTC.
In the past 24 hours, BTC transactions settled $75.1 billion, while the ETH network processed $23.57 billion in a single day. Nevertheless, the daily transaction volume on the Ethereum network is still much larger than that of BTC.
1.45 million Ethereum transactions were processed within 24 hours, while only 289,613 BTC transactions were confirmed. The median fee for BTC to enter the next block on Wednesday is approximately $14.31 per transaction, while the median fee per send for ETH is only $5.89.
Ethereum is the largest side chain of BTC, and the settlement volume of Ethereum exceeds Paypal
ETH is also regarded as the first side chain of BTC because no other chain has as many packaging or synthetic BTC tokens as ETH. Today, this number is as high as 201,058, and the wrapped Bitcoin (WBTC) project has captured the current circulating supply of 156,936.
Although many digital assets have eroded BTC’s dominance index, ETH has emerged from the leader’s market. In addition to computing power, Ethereum surpassed BTC in most indicators, and also surpassed Paypal.
“Paypal settled $936 billion in payments last year,” explained Popular Twitter handle @spencernoon. Ethereum only settled $1.5 trillion in transactions in the last quarter. This number is also increasing exponentially. Paypal has a market value of US$310 billion, while ETH has a market value of US$263 billion,” he added.
Since Spencernoon’s tweet, Ethereum’s current overall market valuation is approximately $311 billion.
What do you think of the price increase of Ethereum in recent days? Let us know your thoughts on this topic in the comments section below.
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