The world’s second-largest cryptocurrency Ethereum (ETH) has been intently following Bitcoin’s footsteps because it touched an all-time excessive of $4,800 earlier this week on Monday, November 8. Nonetheless, ETH at present appears beneath a little bit of promoting strain missing sufficient assist from the bulls to push it previous the $5000 milestone.
As of press time, ETH is buying and selling 1.76% down at $4,707 with a market cap of $560 billion. However one main roadblock to Ethereum’s additional rally could possibly be its excessive gasoline charge. The common value of the ETH gasoline charge has touched the best in 5 months. As per on-chain knowledge supplier Santiment:
Ethereum is sitting at ~$4,780 on the time of this writing, and optimism that $5k is across the nook seems excessive. One of many few issues holding $ETH again is the truth that the typical community charge sits at $63.50, which was final this excessive on Might twelfth.
Ethereum Opponents Gaining Traction
Ethereum (ETH) has been one of many top-performing cryptocurrencies this 12 months in 2021. The Ethereum blockchain has witnessed excessive DeFi and NFT exercise this 12 months.
Nonetheless, the excessive transaction prices have been a deterrent for brand new DeFi gamers. Thus, they’ve been shifting to different competing and different platforms like Solana (SOL), Polkadot (DOT), and plenty of others.
As we now have seen, Solana (SOL) witnessed a staggering bull run over the previous few months making its strategy to the top-five crypto-list final week. Solana has emerged as a real Ethereum challenger with its excessive transaction throughput and low-cost transactions. Solana has additionally been the house for a number of DeFi protocols and has greater than $15 billion in total-value locked (TVL).
Different upcoming gamers within the phase are Avalanche (AVAX) and Fantom (FTM). Nonetheless, Ethereum nonetheless stays miles forward relating to dominating the general DeFi exercise.
However all eyes are at present on Ethereum 2.0 growth which can massively explode the community scalability whereas bringing down the transaction prices.