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Ethereum Touches 1,750 USD, Network Fees Hit All-Time High

Ethereum price has set a new all-time-high on Friday. In addition, users need to pay more than ever to send transactions and some digital asset exchanges couldn’t handle it.

The second largest crypto asset by market cap, Ethereum built on its recent all-time highs yesterday to ascent ever closer to two thousand USD.

Data from TradingView is allegedly hinting a new breakout taking place for ETH/USD pair during Friday trading. 

At press time, ETH is trading at 1698 USD a pop with 24-hour gains of around 2% and weekly gains of around 26.3%.

The move came on the back of strong trading interest in DeFi cryptocurrencies, several of which use the Ethereum blockchain network as their basis.

Read More: USDC Circulating Supply On Tron Crosses 100 Million USD

Apropos the recent price surge, Paolo Ardoino, CTO at Bitfinex mentioned:

“Ethereum is seemingly ‘going to the moon’ as it reaches another all-time high above US$1,700. There are lots of moving parts to the second biggest cryptocurrency by market capitalization. Sceptics may focus on the challenges that it faces. But hackers and coders love to solve problems. Ethereum was designed to be a currency to fuel an ecosystem of applications and we are still at the very beginning of this journey. Meanwhile, the coming CME Futures launch represents another milestone towards crypto becoming an established asset class.”

In the intervening time, Ethereum had already seen abrupt upside as expectation built over the unveiling of dedicated futures from CME Group. Asset management giant Grayscale started purchasing Ethereum for its Ether Trust again this week subsequent to a near 2-month pause.

What do you think about the Ethereum blockchain and its future prospects? Let us know in the comments below!

Image by Miloslav Hamřík from Pixabay

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