Over the weekend, Ethereum (ETH) hit new heights with an all-time high of $ 2,159.
The momentum shows no sign of sagging as it has risen to $ 2,185 at the time of writing, according to CoinMarketCap.
Santiment attributes this trend to a decline in Ethereum’s average fees. The on-chain metrics provider stated:
“Another aspect that contributed to Ethereum’s AllTimeHigh this weekend was the fact that the average fees have dropped to a 5-week low. With fees averaging $ 11.08, this is its lowest level since March 5, allowing for increased benefits for ETH. “
ETH has dealt with the challenge of high gas charges, which at a point in time have reached a level that has made the decentralized financial sector (DeFi) ineffective. Additionally, they were out of reach for average users and traders.
Ethereum 2.0, launched in December 2020, is touted as a trailblazer in solving this problem as it seeks to translate the current consensus mechanism for proof of work into a proof of stake framework that is touted as being greener and inexpensive .
Other participants join the Ethereum network
According to the crypto data provider Glassnode, the number of ETH addresses other than zero broke the record of 57 million. This signals that more participants are joining the Ethereum train, as evidenced by the current record movements.
For example, the total value set in ETH 2.0 recently passed the $ 8 billion mark, which is an indication that investors are betting heavily on this deposit agreement.
Time will tell how Ethereum’s journey to the moon continues as the rebound is supported by various bullish fundamentals. For example, payment giant Visa Inc. announced in March that it had chosen the Ethereum blockchain to conduct USDC transactions.
Visa announced that it had launched a pilot program with Crypto.com, a payment and encryption platform, and plans were underway to offer USDC billing to additional partners later this year.
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