Home Ethereum Ethereum Transaction Fees Surge Amid Feverish Demand for Crypto

Ethereum Transaction Fees Surge Amid Feverish Demand for Crypto

4 min read

In short

  • Ethereum’s transaction charges are nonetheless sky excessive regardless of blockchain enhancements.
  • The foreign money is within the midst of a bull run.
  • Three Ethereum ETFs will launch in Canada subsequent week.

The average cost of placing a transaction on the Ethereum blockchain hit $24.74 on Friday, the best since February 23, when the community noticed common prices of $39.49. Excessive transaction charges point out large quantities of exercise on the Ethereum blockchain.

This spike comes a day after the launch of Ethereum’s ‘Berlin’ hard fork upgrade, an enchancment which promised to barely cut back transaction charges. The fork’s modest guarantees are clearly but to take impact, and never sufficient to stem the inflation brought on by the surging demand for Ethereum.

What’s occurring within the Ether?

The marketplace for Ethereum is white-hot proper now. On April 16 the coin set an all-time excessive of $2,547, capping a bull run that noticed its value cross the $2,000 threshold on the primary of this month. Ethereum had struggled to push previous $2,000 since setting a earlier file of $2,036 on February 20.

The bull run exhibits few indicators of waning. Proper now, Ethereum trades at a value of $2,409, or 12.59% greater than final weekend. 

Rising institutional curiosity

Yesterday, Canada approved three Ethereum ETFs, every of which can begin buying and selling subsequent week. An exchange-traded fund is an auditable, regulated instrument that tracks the value of an underlying asset, on this case Ethereum. They’re one of many solely methods for institutional buyers to commerce cryptocurrencies on the inventory market.

The Ethereum ETFs, launched by Objective, Evolve, and CI World Asset Administration, observe the launch of Bitcoin ETFs by the identical corporations in Canada earlier this yr. Purpose’s ETF raised $421 million within the first two days of buying and selling.

And within the newest present of energy for the crypto market, Coinbase began buying and selling on the Nasdaq this week, below the ticker $COIN. That is excellent news for Ethereum as a result of it’s excellent news for crypto; $COIN closed at $342 on Friday, proof that Wall Avenue is firmly excited about digital currencies.


The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.

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