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Ethereum has once again hit an all-time high. Digital assets set new records alongside Bitcoin, which set its record of over $68,000. Ethereum has been bullish lately, and its uptrend is not breaking as momentum continues.
Reasons for the rise in price:
- Ethereum (London hard fork EIP-1559) from August 05, 2021, to the present - 800,000 (about $3.84 billion) is burned
- Due to Ethereum 2.0 deposits, liquidity is reduced, and many people are withdrawing from CEX. (3,232,228 stakes 2.81%)
- The release of Ethereum 2.0 is yet to be determined, but the current ecosystem has surpassed $100 billion in TVL in Defi.
The Ethereum ecosystem is deeply embedded in the crypto economy, with more than 3000 DApps already on Metaverse DeFi, Non-Fungible Tokens, etc. If Ethereum collapses, it will cause massive damage to all projects under it. Looking at this aspect, it has a tremendous influence over Bitcoin, and it is thought that it is only a matter of time before crypto-dominance Ethereum will overtake with 19% market share and 43% Bitcoin market share.
However, the fee currently costs about $80 per transaction, and when the price suddenly fluctuates, the fee suddenly increases to become very expensive. The advantage of being the first cheap fee in cryptocurrency is gradually falling apart.
Therefore, investors are often looking for a better coin as a replacement. Solana, which is currently rising rapidly, is a coin that can replace Ethereum for that reason. However, stability and scalability are at the stage of checking, and transactions have been stopped recently. Currently, Ethereum is leading the blockchain ecosystem, but Solana, leading in all performance areas, may become a more significant coin, or another innovative coin may come out.
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