The buying interest on the world’s utility crypto, Ethereum, has been on a record high since the second half of 2020, amid an increased buying pressure from institutional investors and big capital.
Still, as the attention of the financial media got fixed on flagship crypto asset, bitcoin, recent trends show that Ether (ETH) is getting very attractive; they also reveal why this cryptocurrency should become the “first cryptocurrency” for every investor.
Recent data from Defi revealed that a lot of activity is ongoing on the Ethereum network, as Ethereum-based crypto market value has risen to over $48 billion from $1.9 Billon a year ago, according to data from Coingecko.
Several Defi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.
DeFi crypto owners, in some cases, can typically receive better interest rates than they would from traditional banks, on the basis that lower operating costs are enabled when operating on an automated decentralized network.
Using “Defi” technology, one can build smart contracts with codes that facilitate the actions of intermediaries, including managing and accepting deposits, handling collateralized loans, and liquidating collateral assets as per the terms of the contracts, should their values fluctuate.
What this means: Recall some days ago, Nairametrics broke the news that the amount of Ether held on crypto exchanges could go into extinction amid the high buying pressure seen in recent days.
Alex Saunders, a crypto expert, via Twitter, released key details on why Ether coins on crypto exchanges could be all gone within 48 hours amid high buying pressure.
“Exchanges could be out of $ETH within 48 hours. Demand has skyrocketed. Exchange reserves fell 20% from 10 million to 8 million in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range”
Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range. ??️? #ETH2#DeFi#NFTs#Gaming#DAOpic.twitter.com/rYPOch2u7p
That said, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.
Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.
This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
At the time of writing this report, Ethereum traded at $1,425.86 with a daily trading volume of $46 Billion. ETH price is up 13.2% for the day.