A new all-time high for the number of large ETH holders and also calculates significant internal gains for BTC in the meantime.
While some traders were in panic during the recent market crash, whales from Ethereum continued to pile up large pieces. This has led to a new all-time high for the number of large ETH holders. ETH also calculates significant internal gains for BTC in the meantime.
ETH Whales Keep On Buying
The new year was just over $700 for the second biggest encryption currency. Whether it was the mass use of Ethereum’s EFI and NFT blockchain, the impressive bull ran across the entire market or, maybe, in the following months, ETH took a roll.
This led to 16 April, when a new all time high of around $2,500 was recorded on the cryptocurrency. In less than four months, however, the sunny market crash followed this nearly 250 percent increase and ETH fell to a low of $1,950.
The Santiment analytics company’s data shows that most retail traders sold a few parts or just sat down and watched the fluctuations. Ethereum whales, by contrast, went shopping.
The company stated that since the beginning of the year there has been a rapid growth in the number of such accounts holding at least 10,000 ETH. However, since Sunday, they have been particularly active, leading to a new record.
Ethereum Transaction Fees Update
The abovementioned high use of the Ethereum blockchain resulted in major network problems, mainly linked to scaling. Consequently, the fees payable during the transaction in Ethereum have continued to rise since the beginning of the year and reached a new peak in late February, according to CryptoPotato.
Since then, according to Ycharts data, average costs of transactions have decreased somewhat but are still above $20. The decrease is not enough for users and developers at Ethereum have made new suggestions and upgrades to the network with a view to reducing the costs further.
Last week came the latest hard fork known as Berlin. It caused some network node synchronization problems. Although fixed, the upgrade did not significantly reduce fees.
Some reports also claim that the controversial and long-awaited EIP-1559 update, which was scheduled for London Hard Fork in July 2021, could also fail.
It argued that Layer-2 solutions are the only suitable options until, at least, the migration to stake proof (also referred to as ETH 2.0) is concluded from a working consensus algorithm.
Ethereum Surges Against BTC
Of all the above, ETH has made significant gains today on Bitcoin. It is worth noting. As seen in the chart below, in the last few hours alone, the cryptocurrency increased by nearly 7% compared to BTC and represented a considerable advance.