Cryptocurrency
ETH gas fees soar as retail money pours into crypto
ETH gas fees soar as retail money pours into crypto Take a bow, Ethereum. Late April and early May have been all about you, and that must feel good considering you are typically in the shadow of your relative, Bitcoin. But look no further than this price chart to see what all the rage is about. […]
ETH gas fees soar as retail money pours into crypto
Take a bow, Ethereum. Late April and early May have been all about you, and that must feel good considering you are typically in the shadow of your relative, Bitcoin. But look no further than this price chart to see what all the rage is about. The utility blockchain has seen an unprecedented growth in speculation over the past month, and the underlying asset has managed to climb to new all-time-highs above $4k.
Charting available at marketrebellion.com/trycrypto
With great speculation comes great… congestion?
Making all-time-highs is not easy, and the Ethereum network is learning that the hard way. Last week, you could have swapped some ETH for very reasonable gas fees; but that changed quick this week as traders rushed to swap in and out of Ether. Check out this gas fees that some people are sharing on twitter…
That is a nearly $15,000 gas fee for a $300 swap… This is what happens when the network gets particularly congested, and the Ethereum blockchain is seeing a tremendous amount of activity as the underlying asset continues to climb to new highs.
Boring old bitcoin…
Bitcoin price action has been relatively unexciting in the last month as it has struggled to break above the critical resistance at 61.7k. It isn’t all that surprising that the giant is sleeping while the party is happening elsewhere in the crypto space. Bitcoin dominance has continued to fall over the last 6 weeks, putting the metric at a 3 year low.
But hey, we saw a similar thing play out in late 2017 and Bitcoin ended up reclaiming that dominance after a few months of market corrections. So are we in for the same thing this time? The market is definitely different this time around with the presence of institution capital providing a bit of stability and even amidst declining dominance, Bitcoin has managed to maintain a price above $55k.