Fees on layer 2s, designed to scale the Ethereum network, also surged, with transactions costing as much as $1 on Arbitrum, the highest since 2022, the report said. This issue has a quick fix though with the Dencun upgrade coming up next week, which is expected to lower transaction costs on layer 2s to cents. Source
The second-largest cryptocurrency last surpassed that level in December 2021. Source
CryptoX – Cryptocurrency Analysis and News Portal The latest price moves in bitcoin (BTC) and crypto markets in context for March 8, 2024. First Mover is CryptoX’s daily newsletter that contextualizes the latest actions in the crypto markets. Source The post First Mover Americas: Ether Approaches $4K appeared first on CryptoX. CryptoX Portal
Traders have been using meme tokens as a proxy bet on the growth of Ethereum or other blockchains. Source
With over $10 billion in inflows in less than two months, the spot bitcoin ETF is already considered the most successful product launch in ETF history, drawing widespread mainstream attention to the exciting crypto asset class. With its supply cap of 21 million tokens, bitcoin’s narrative as “digital gold” or a store of value is easily understood. Now, investors are asking, “What’s next?” Source
Late November 2020, BTC was knocking at its all-time highs at $19,000 in, while ETH was hovering below $600, some 60% lower than its 2018 peak. A few weeks later, when BTC decisively broke above its former record price, ETH embarked on a multi-month rally to eventually hit a $4,400 peak in May. Source
The SEC wants to know if the applications for ETFs that hold Ethereum’s ether (ETH) are supported by the same arguments that led to the approval of spot bitcoin ETFs. Source
Last week, bitcoin-focused exchange-traded products as a group attracted “massive inflows” of $1.73 billion, their second largest week on record, asset manager CoinShares reported Monday. ETH focused funds were also in demand, recording $85 million in net inflows, the report added. Source
While interest in ether bets has risen significantly, an ETF could create sustained rather than explosive growth for the second-largest cryptocurrency by market value, some traders said. As of Tuesday, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex had submitted applications for an ether ETF. Source
Lido Staked Ether has surpassed XRP to become the sixth-largest cryptocurrency, with a market cap of over $31 billion. Lido Staked Ether’s (stETH) bullish market is largely attributed to Ethereum’s significant gains this month, as the second-largest cryptocurrency reached $3,200 today and a 40% surge for the token in February alone. Dune analytics data shows that Ether deposits on Lido are nearing 10 million ETH, as the protocol hasn’t seen any net outflows since Dec. 19th. Currently, Lido Staked Ether accounts for 35% of all EH deposits on EigenLayer, one…