The largest eater cryptocurrency (ETH), which reached its last all-time high on Feb.5, rose to nearly $ 2,000.
Ethereum is priced at $ 1,750
Cointelegraph Markets and TradingView data showed a fresh breakout of the ETH / USD during Friday’s trading.
At the time of writing, Ether is betting on $ 1,750 because daily income is 6.5% higher than weekly payout, around 22%.
Ether, Bitcoin since the start of the year. Source: Data on digital assets.
The move was spurred by the keen interest of traders in DeFi currencies, many of which use the Ethereum network as a basis. DeFi has produced many of the best weekly time frame engines.
Meanwhile, Ether already had a lot of positive prospects, as the launch of private futures contracts was expected from CME Group, one of the early operators of Bitcoin futures. Asset management giant Grayscale started buying ETH of Ether Trust again this week after a nearly two-month hiatus.
Fuel charging causes headaches
While some notable cryptocurrency numbers, including Gemini co-founder Tyler Winklevoss, have noted price movements, the peaks have been accompanied by another record – transaction fees.
As reported by Cointelegraph, gas fees on the Ethereum network have become so high this week that some exchanges have had to stop withdrawing ETH altogether.
Blockstream developer Grubles commented: “This is a legitimate crisis. We need to refill the popcorn to see how Ethereum gets out of this.”
According to YCharts, on February 4, which is the most recent date for which the statistics are available, the average ETH fee was $ 23.27.
While the Bitcoin (BTC) price has fallen below $ 40,000 in the meantime, it appears that macroeconomic conditions have led to a fresh increase in the bitcoin / US dollar exchange rate. When the S&P 500 peaked on Friday, the US dollar index fell – a phenomenon that traditionally meant Bitcoin would win.
“The correlation is not causal, but the trend is very clear: # Bitcoin’s rally (and cyclical errors) is closely related to the movements in the US Dollar Index (DXY),” Kaiko wrote this week.