Ethereum traded at new highs over the weekend, surpassing $2.100 for the first time, with altcoins generally taking on the role of the “pilot” this week, with many digital currencies such as Binance Coin and Polkadot trading at their all-time highs.
Along with Ethereum, many other blockchain networks that belong to its competitors saw their capitalisations skyrocket.
Network users and several developers are waiting for the adoption of EIP-1559 which is expected next July and promises to reduce the transaction fees in the network that have been launched in a context that makes it non-functional. It is known that they have increased by 77% in the last few days, with the average trading at $22.97.
Apart from traders, the previous period for the Ethereum miners was also particularly profitable. Earnings from mining exceeded $1.38 billion in March. 47.22% of them came from transaction fees, and the rest from network rewards.
Historically, the increase in the trading value of Ethereum has been linked to increases in highs for other altcoins, while fuelling a new cycle of creating and financing new projects.
A typical example is the offer of 639.000 ETH or $1.27 billion of Fei Labs that was completed over the weekend and aspires to create a modern algorithmic stablecoins.
Algorithmic stablecoins are individually capitalised with assets and their value is secured by the risks taken by the token holders of the network, who earn from transaction fees.
More than 17.000 users took part in the offer, which proves that the market has “warmed up” and another profitable summer is predicted for the applications of the decentralised economy.
Let’s not forget that the third edition of the decentralised exchange Uniswap, is expected in May and is sure to fuel a new cycle of innovation.