While the Bitcoin exchange rate is consolidating above 35,000 US dollars, the analysis company Messari reports a „flipping“ in Ethereum transactions. ETH is also at a record level in terms of price: The all-time high of 1,448 US dollars is only a few percentage points away. Meanwhile, Ripple is combative with a view to the SEC process – which is also reflected in the XRP course. The market update.
The second largest cryptocurrency by market capitalization is still on the hunt for a record:
With a daily increase of 10.28 percent, Ether has risen to 1,332 US dollars in the last 24 hours.
This means that the all-time high of USD 1,448 that ETH achieved on January 13, 2018 is only a few percentage points away. And this, although the chronically busy Ethereum blockchain is still dependent on sometimes exorbitant gas fees.
In fact, for some time now, significantly more value has been transported via Ethereum than via the Bitcoin network. In this regard, Ethereum has greatly expanded its lead over Bitcoin Bank in recent weeks. This emerges from data out of the block chain analysis portal Messari that the analyst Ryan Watkins on January 19 via Twitter announced .
According to this, Ethereum currently processes around three billion US dollars more than Bitcoin every day. In addition to stablecoins, Messari names the still booming DeFi sector, which largely relies on Ethereum, as the growth driver. Nevertheless, a large part of what Messari calls the “parabolic” increase in ether transactions can be traced back to the fact that the price of ether has more than doubled since mid-December. If you also consider that transactions with the Ethereum version of the stablecoin tether (USDT) are also included in the bill, the picture is put into perspective.
Growing centralization in Ethereum capital
Not only the ETH rate, but also the centralization of capital is at a record level with Ethereum. Data from the blockchain analysis company Glassnode suggest that one percent of all Ethereum Hodlers make up over 97 percent of all ETH units.
While this centralization of Ethereum assets should be a thorn in the side of any decentralization advocate, the following circumstance could perhaps appease: Glassnode does not consider the account balances of smart contracts, Bitcoin exchanges and funding addresses of teams for its metrics. More and more ETH units are bustling around in smart contracts. According to DeFi Pulse, 2.7 million ETH are stored in the MakerDAO (MKR) ecosystem alone – around 2.36 percent of the current amount of Ethereum in circulation.