Ethereum jumps Eight Percent and fees are at their lowest

By: Bharggavi Ssayee

Ethereum jumps Eight Percent and fees are at their lowest

June 1, 2021 5:12 PM

The value of Ether grows along with the rest of the market. At the same time, the fees are at a low level, which favors transactions on DeFi protocols.

 

After a dreary weekend, the week begins with a rise in the price of crypto assets. According to Coinmarketcap, the market is up 5.45% in the last 24 hours. It goes back to $ 1.6 billion in capitalization.

 

And this trend is benefiting major cryptocurrencies, including Bitcoin and Ethereum. ETH is up almost 9% to around $ 2,700. Several major indicators are also showing strong growth.

 

Ethereum takes DeFi with it

This is particularly the case with the total capitalization of Ether. Over 7 days, it increased by more than 20% to more than $ 307 billion. The volume of transactions is also well oriented. Over 24 hours, it increases by 20% to nearly $ 30 billion.

 

Of course, the trend is still very far from what it was before the crypto crash in mid-May. The price of ETH was then over $ 4,000. Nevertheless, in 2021, the results remain largely positive.

 

In early January, Ethereum was at $ 1,300. Its value has therefore been multiplied by 2 since. In addition, over one year, the progression is even stronger. In June 2020, ETH was buying for around $ 240.

 

The good health of Ether is also a strong signal for many altcoins hosted on the blockchain. This is especially true for crypto in the DeFi market. Most DeFi tokens are also on the rise.

 

Lowest fees on Bitcoin and Ethereum

Uniswap (UNI) is the first of these tokens. Over 24 hours, UNI was gaining over 10% to around $ 27 and $ 15.6 billion in capitalization. The volume of transactions on DEX has reached records since the crisis.

 

In addition, the fall in fees on Ethereum favors operations even more. As measured by BitInfoCharts, gas charges on Bitcoin and Ethereum blockchains are at their lowest level for 6 months.

 

For BTC, these fees hover around $ 7.20, up from over $ 62 in April. This represents a drop of 88%. On Ethereum, the fees are around 4 dollars. An exploit on a blockchain where these fees regularly skyrocket.

 

According to YCharts data, average fees on Ethereum have fallen from a record high of $ 72.21 on May 20 to just $ 4.80. This equates to a 93% drop in less than two weeks.