Ethereum transaction fees rise amid feverish demand for crypto

The average cost of placement a transaction on the Ethereum blockchain reached $ 24.74 on Friday, the highest since Feb. 23, when the network observed an average cost of $ 39.49. High transaction fees indicate major operations on the Ethereum blockchain.

This peak comes a day after the launch of Ethereum’s ‘Berlin’ hard fork upgradean improvement that promised to reduce transaction fees slightly. The fork se modest promises must clearly still come into effect, and not enough to stem the inflation caused by rising demand for Ethereum.

What happens in the Ether?

The market for Ethereum is currently white hot. On April 16, the coin hit a high of $ 2,547, with a bull limit exceeding the price on the first of this month. Ethereum has struggled to push more than $ 2,000 since setting a previous record of $ 2,036 on February 20th.

The bull run shows little sign of waning. Ethereum is currently trading at a price of $ 2,409, or 12.59% higher than last weekend.

Growing institutional interest

Yesterday, Canada Approves Three Ethereum ETFs, which will each begin trading next week. An exchange traded fund is a revisable, regulated instrument that tracks the price of an underlying asset, in this case Ethereum. This is one of the only ways institutional investors can trade cryptocurrencies on the stock market.

Launch of Ethereum ETFs Launched by Purpose, Evolve and CI Global Asset Management Bitcoin ETFs by the same companies in Canada earlier this year. Purpose’s ETF raised $ 421 million in the first two days of trading.

And in the latest tone of force for the crypto market, Coinbase start trading the Nasdaq this week under the tick $ COIN. This is good news for Ethereum, because it’s good news for crypto; $ COIN closed at $ 342 on Friday, proof that Wall Street is strongly interested in digital currencies.