During the Asian trading session, the
ETH/USD coin extended its gaining streak of early in the day, and remained well bid around the $3,100 level. Ethereum succeeded in starting a decent recovery wave, and it extended its gains above $3,100. ETH even broke through the $3,135 resistance level and settled above the 100-hourly simple moving average. The current price of Ethereum is $3,127.68, with a trading volume of USD 12,694,212,127 in the last 24 hours.
The value of Ethereum has increased by 0.49 percent in the last 24 hours. With a live market cap of $372,919,133,573 USD, the current market rank is #2. The circulating supply is 119,231,784 ETH coins, and the maximum supply is unknown. The reason for its continuous upward tendency could be linked to the risk-on sentiment in the crypto market, which tends to support the cryptocurrency. This was evident after the world’s largest cryptocurrency, Bitcoin, experienced a positive trading session. It is worth noting that Bitcoin has begun a solid comeback, and it is now trading above $42,000. BTC even managed to break over the $42,000 barrier level and settle above the 100-hourly simple moving average.
Furthermore, the gains in the ETH prices were bolstered by the news that Ethereum fees have dropped by 35% since last week, though the average ETH gas fee still exceeds $30 per transfer. According to the data, transaction fees on the Ethereum network have decreased by 35% compared to seven days ago. At the time of writing, the average charge to transact with Ethereum was 0.0099 Ether, or $30.85 to $33.04 per transfer. On Wednesday, the cheapest Layer Two (L2) method for transferring Ether was Polygon Hermez, which costs $0.25 per transaction.
Aside from that, Pantera CIO believes Ethereum will see a 50% increase in transactions, which may impact the ETH prices positively. According to Pantera Capital’s Chief Investment Officer, Joey Krug, the world’s second-largest cryptocurrency will continue to outperform its rivals. But in the next ten years, he believes the token will be responsible for more than half of all global financial transactions. Even though Vitalik Buterin’s initiative faces increasing competition, this remains the case. In an interview with Bloomberg, Joey Krug spoke about the Ethereum blockchain. He also predicted that the protocol would be a significant player in the global financial system in ten years. Krug predicted that Ethereum’s blockchain would handle more than 50% of all global financial transactions in the next decade.
Meanwhile, the broad-based US dollar remains well bid on the day, as investors prepare for a widely expected interest rate increase in March. Thus, the strength of the US dollar was seen as one of the key factors that kept a lid on any…