Ether Price Flies Past 1,750 USD, Failing to Leave High Network Fees Behind
February 6, 2021 2:48 AM
Ethereum, as most analysts would say is greatly undervalued. Loads of crypto traders have been expecting a parabolic rise of the second largest crypto.
On Friday Ether (ETH) sets a new all-time high breaking above $1,750 for the first time in its history, but if history is to go buy Ethereum network suffers from high fees anytime there is slight network congestion.
Ether network users are having to pay more than ever to send transactions and some exchanges can't cope with the high fees. At the time of reporting by Coinnewsafrica markets, Ether price retraced back to $1,370 after reaching a high of $1,750 on Friday with a 14% increase.
Ethereum's latest price surge came on the back of strong trading from Defi coins, many of which are deployed on the Ethereum network. However, Ether (ETH) had already seen brisk upside as anticipation built over the launch of dedicated futures from CME Group, one of the leading Bitcoin futures operators.
High Gas fees could be a problem for ETH
In the wake as crypto traders celebrated their wins after Ether's price performance on the day. It was hard to ignore Ethereum network high fees which concluded from major figures such as Tyler Winklevoss in a tweet:
"The highs were accompanied by another record transaction fees."
Blockstream developer Grubles also added:
"This is a legit crisis. Going to have to stock up on popcorn to see how Ethereum digs its way out of this,"
The Ethereum Team lead by Vitalik Buterin had proposed solutions to reducing network fees as we wait for full launch of ETH 2.0.