Ethereum Records All Time Highs For Today - Trading Over $1700 USD.

Ethereum Records All Time Highs For Today - Trading Over $1700 USD.

2021-02-05 | Big Bob

Ethereum Records All Time Highs For Today - Trading Over $1700 USD.

The secondary leading cryptocurrency by market cap, Ethereum [ETH], built on its recent all-time highs on 5th Feb. to climb ever closer to $2k. At the reporting time, the price hits a record $1,750 USD. Data from CoinMarketCap and TradingView revealed a fresh breakout occurring for ETH/USD within today’s trading. The move came on the rear of intense trading interest in DeFi coins, many of that use the Ethereum network as their basis. DeFi produced many of the simplest movers on weekly timeframes. Ethereum meanwhile had already seen brisk upside as anticipation built over the launch of dedicated futures from CME Group, one among the pioneering Bitcoin futures operators. Asset management giant Grayscale began purchasing ETH for its Ether Trust again in the week after a near 2-month breakout. While some well-known cryptocurrency figures, along with Gemini exchange co-founder Tyler Winklevoss, celebrated price performance, the highs were amid another record - transaction fees. As reported, gas fees on the Ethereum network became so high in the week that some exchanges were forced to halt ETH withdrawals altogether.
"This is a legit crisis. Getting to need to refill on popcorn to ascertain how Ethereum digs its answer of this," Blockstream developer Grubles commented.
In line with data from YCharts, the typical ETH fee was $23.27 USD on 4th Feb., the newest date that statistics were available. While on the other hand, Bitcoin [BTC] meanwhile simmered below $40k, macro conditions appeared apt to fuel fresh upside for BTC/USD. As the S&P 500 hit its own all-time highs on Friday, so the USD currency index drop, a phenomenon that traditionally implies that Bitcoin will benefit. "Correlation isn't causation, but the trend is sort of clear: #Bitcoin’s meteoric price rise (and occasional crashes) correlates closely with movements of the USD Index (DXY)," data analytics service Kaiko added about the phenomenon earlier this week.

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