Ethereum, the biggest altcoin by market cap, has finally surpassed its previous all-time high of $14,420. After two years of struggling, Ethereum has turned its pathway upward thanks to bullish sentiments around the network.
On the cryptocurrency exchange, Bitstamp, the second-largest cryptocurrency reached $1,428. With the Twitter username “The Wolf of All Streets,” Crypto analyst tweeted that they were talking about this for months.
However, the value did not survive above $14,420 for a long time and faced a slight bearish blow. Currently, it is exchanging hands at $1,390 after an increase of 14.55% in the last 24-hours, according to CoinMarketCap.
Crypto analyst Michaël van de Poppe stated if the coin followed the metric Fibonacci, the next target might stand around $1600. In the past, he also predicted $2,600 for the largest altcoin in the short term.
ETH Transactions’ Volume Surges
Ryan Watkins, the researcher at Messari, noted that the cryptocurrency’s daily transaction volume increases as the parabolic pattern is made. Watkins has also unveiled that the daily transactions volume of the Ethereum network is 28% more than the Bitcoin network. However, the second-largest coin is behind the leading digital currency in Google search volume.
Messari also reported that a total of $212 billion is now locked in the Ethereum network. The value of $212 billion represents only 31% of the top digital asset’s market capitalization.
Some factors are causing Ethereum to outperform Bitcoin in daily transactions. Throughout the past several days, DeFi coins are outperforming and have attracted billions of dollars from investors. As most of the DeFi coins are based on the Ethereum network, the native token of the network has benefited from DeFi funding. DeFi coins, such as SushiSwap and Aave, are winners in the DeFi sector in terms of a price increase. As per the on-chain report, more than $24 billion have been locked across different DeFi protocols.
However, an adverse scenario is also persistent: gas fees have witnessed an uptick due to users’ rush on the network. The problem will only be solved with the transfer of consensus from proof-of-work towards proof-of-stake. The first few phases of the proof-of-stake have been successfully deployed. And stakeholders have shown an immense interest by sending coins into the staking contract, thus exceeding the required limit.
Ethereum’s competitor, Polkadot, has outperformed all major coins in weekly performance. Over the last seven days, the price of the DOT token has increased by 103%.