Ethereum, the world’s second largest cryptocurrency, has closely followed Bitcoin’s footsteps, touching an all-time high of $4,800 earlier this week exactly on Monday, November 8.
Currently the bulls are pushing it past $5,000.
As of press time, Ethereum is trading down 1.76% at $4,705 with a total market capitalization of $560 billion.
But one of the main obstacles to further Ethereum rally could be the high gas fees.
The average cost of Ethereum gas fees reached its highest level in five months, Santiment commented:
The price of Ethereum currently stands at $4,709 at the time of writing this article, and it seems that optimism is high regarding Ethereum reaching the $5,000 level, which has not much left.
But one of the few things holding back Ethereum’s rally is the fact that the network’s average fee settled at $63.50, which was the most recent high on May 12.
Ethereum Gains More Momentum:
Ethereum was one of the best performing cryptocurrencies this year 2021.
The Ethereum blockchain has seen high activity thanks to the non-fungible tokens DeFi and NFT.
However, high transaction costs have been a deterrent to players and new entrants to the DeFi arena.
Hence, they have moved to other competing and alternative platforms such as Polkadot, Solana and many more.
As we have seen, the Solana blockchain and cryptocurrency (SOL) have both seen an astonishing rise in the past few months.
Solana has emerged as a real competitor to Ethereum thanks to the high throughput of low-cost transactions.
Solana has also been home to several DeFi protocols and has more than $15 billion in Total Locked Value (TVL).
Other upcoming players in this sector are “Avalanche” and “Fantom”.
Ethereum is still miles ahead when it comes to dominating public DeFi activity.
But all eyes are currently on the development of Ethereum 2.0 which will dramatically explode the scalability of the network while lowering transaction costs.
Why might November 14 be the next big day for Bitcoin?
Russia sets the date and launch date of the prototype of the digital ruble currency … get to know it