Bitcoin
BTC$29 862.92

-4.61%

Ethereum
ETH$2 023.66

-5.68%

Tether
USDT$0.998796

-0.03%

USD Coin
USDC$1.000660

0.04%

Binance Coin
BNB$298.01

-4.49%

XRP
XRP$0.422499

-5.56%

Ethereum posts new highs as DeFi gas fees go through the roof


04 Feb 2021

#Ethereum

Ethereum’s gas fees are again spiking to record highs, rendering many decentralized finance protocols unusable for casual investors. After increasing roughly 20% in the last 24 hours, average Ethereum transaction fees are now sitting at a record $17.67. With many DeFi projects requiring the execution of complex smart contracts, there are reports fees associated with using protocols requiring complicated transactions now exceed $1,000. Amid the chaos, Twitter-user “Olive Allen” reported estimated gas fees of nearly $5,000 to accept a bid on Rarible.

When Cointelegraph checked earlier today a single large transaction on Synthetix was estimated at above $1,100 – however the protocol is undergoing an upgrade which could affect estimates. But even simple swaps using decentralized exchanges Uniswap and SushiSwap cost from $40 to $75.

Responding to the high fees, ConsensusRough podcast co-host ‘Checkmate’ warned DeFi users to consider the expense involved in executing smart contracts before investing. He shared the screenshot of a user that purports to show estimated gas fees exceeding the price of Ether. (While this could have been faked, it’s broadly in line with similar reports).

Ethereum is not alone in suffering congestion, with Bitcoin’s average fees currently exceeding $14 too. Despite the skyrocketing costs associated with utilizing the Bitcoin and Ethereum networks, traders appear vehemently bullish with Ether posting a new all-time of $1,700 at roughly 2 am UTC

Since breaking into new price highs on Feb. 2, Ether has gained roughly 14%. Bitcoin is also rallying, testing $38,000 after gaining 6% in the last 24 hours. Ether’s record fees are highlighting the utility of second-layer scaling solutions ahead of Ethereum’s Eth2’s overhaul. Synthentix is currently in a staged migration to Optimistic roll ups to alleviate gas prices, while other platforms are exploring rival layer-two solutions such as xDai, or scalable layer-one networks such as Polkadot.

Source


Related

Join Blablagame presale right now
Join Blablagame presale right now
Institutional investment flows out of ETH and into competing L1 altcoins
Institutional investment flows out of ETH and into competing L1 altcoins
BTC and ETH will break all-time highs in 2022
BTC and ETH will break all-time highs in 2022
What Whales and Short-Term Speculators Do
What Whales and Short-Term Speculators Do
Ethereum is like the best and worst parts of New York
Ethereum is like the best and worst parts of New York
How professional Ethereum traders place bullish ETH price bets while limiting losses
How professional Ethereum traders place bullish ETH price bets while limiting losses
Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally
Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally
Ethereum price moves toward $3K
Ethereum price moves toward $3K
Ethereum price could fall to $1,700 if the current climate prevails
Ethereum price could fall to $1,700 if the current climate prevails

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66.4% 75 $29 862.92 -4.61% -1.43% $568 643 328 349 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.8% 77 $2 023.66 -5.68% -10.04% $244 470 579 811 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.998796 -0.03% -0.12% $75 660 930 298 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000660 0.04% 0.11% $52 009 913 428 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 71 $298.01 -4.49% -0.72% $48 657 409 926 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68.4% 70 $0.422499 -5.56% -14.29% $20 424 915 692 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 65.6% 68 $0.556880 -6.81% -9.00% $18 833 840 942 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 61.2% 80 $53.68 -8.81% -15.43% $18 096 700 330 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $0.999564 -0.09% -0.13% $17 990 219 912 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.8% 76 $0.087841 -5.39% -16.20% $11 653 943 120 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 63.2% 77 $10.62 -9.93% -1.32% $10 492 669 466 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 79 $32.61 -10.79% -22.54% $8 775 405 549 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $29 851.71 -4.50% -1.83% $8 478 001 887 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 72.4% 61 $0.069116 -4.48% -5.81% $6 757 528 478 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 78 $0.000012 -7.95% -16.96% $6 586 200 152 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.