Not only that, Ether set the same price for registrations on Fridays – users have to pay more than ever to send transactions, and some exchanges can’t handle that.
The largest alternative digital currency (ETH) hit its last peak on February 5, hitting nearly $ 2,000.
Ether hit $ 1,750
Data from the Cointelegraph and TradingView markets showed that during trading on Friday ETH / USD made another breakthrough.
At the time of writing, Ethereum has a target price of $ 1,750, with a daily return of 6.5% exceeding a weekly return of around 22%.
So far, the performance of Ethereum and Bitcoin. Source: Digital asset data
The move was made against the backdrop of strong commercial interest in DeFi tokens, many of which use the Ethereum network as their base. DeFi produces many of the best engines in a weekly time frame.
At the same time, with the launch of custom futures by CME Group, one of the major Bitcoin futures operators, Ethereum has seen a rapid rebound. After nearly two months of rest, asset management giant Grayscale resumed buying ETH for the Ether Trust Fund this week.
Gas bills are a puzzle
While some well-known figures in the cryptocurrency space, including Gemini Exchange co-founder Tyler Winklevoss, celebrated the price performance, the price spike came with other record-breaking transaction fees.
As Cointelegraph reported, gas charges on the Ethereum network have become so high this week that some exchanges have had to stop Ethereum withdrawals altogether.
Blockstream developer Grubles commented, “It’s a legitimacy crisis. We need to stock up on popcorn to see how Ethereum can get out of trouble.”
According to data from YCharts, the average ETH fee as of February 4 was $ 23.27, the most recent date for statistics.
Although Bitcoin (BTC) fell below $ 40,000 at the same time, the overall picture looks appropriate to drive a further uptrend for BTC / USD. When the S&P 500 index hit an all-time high on Friday, the US dollar currency index fell, a phenomenon that traditionally indicates that Bitcoin will benefit.
Kaiko’s data analytics department wrote: “The correlation is not causal, but the trend is very obvious: # The boom in Bitcoin (and the unexpected collapse) is closely related to the trend in Bitcoin. dollar index (DXY). ” Zhou.