The average cost of the transaction using Ethereum crypto hit $24.74 on Friday. It’s the highest amount to occur since February 13. That day observed an average cost of $39.49 at the peak point. This high transaction fee clearly depicts the extended amount of activity on Ethereum.
The incident takes place the day after Ethereum’s launching of its Berlin hard fork upgrade. It’s more like a digital improvement. And the public shareholders were expecting a slight decrease in its transaction fee.
So far, it’s definitely not the case with current market conditions. However, the influence of the newly initiated hard fork is still to take noticeable effect. Meanwhile, Ethereum clients are worried about the boosted inflation with its increasing demand. They aren’t very optimistic with the fork to slow down it’s consistently rocketing inflation.
Some checked the Canadian Ethereum ETF approval for the standstill increase. On April 16, Canada approved three new Ethereum ETFs (Exchange-Traded Funds). Evolve, Purpose & CI Global Asset Management already launched bitcoin ETFs in earlier 2021.
“Canada is the first country to approve Ethereum ETFs following Bitcoin ETFs” (Credit – ZyCrypto)
The firms intend to use Ethereum for allowing institutional investors in the market. Not to mention, Purpose’s ETFs raised a whopping $421MM in its first two trading days.
The current Ethereum market seems extremely gainful with convenient potential. It already set an all-time high record of $2547 on April 16, 2021. The coin managed to cap a bull run to exceed its $2000 threshold for April.
February 20 of 2021 set the previous record of $2036 to surpass the $2000 milestone. But Ethereum had to struggle for pushing the value past $2000 in the early month. For now, Ethereum trades at $2180.77 after a continued downfall in value. Still, the price holds a mere minimum of 1.34% higher than last week’s value.
As it happens, the stock market looks pretty interested in crypto assets from every extent. The massive success of Coinbase should bear good news for Ethereum investors. But a somewhat decrease in its transaction fee may ease things for Ethereum users.