Ethereum soars upwards as the network prepares to attract new and more extensive user base

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This week started a good note for ether, its price reached $ 1,880 yesterday. Ether is currently showing a 148% gain since the beginning of the year, as the crypto asset is trading around $ 1,800. Against the backdrop of these gains, 104,000 ETH were moved from centralized exchanges, which could be in favor of self-storage, to invest in DeFi, to place bets in ETH 2.0, or in the hope of higher value in the future.

Scaling Ethereum will reduce the commission for each user, but at the same time increase the overall user base even more and therefore increase the overall commission.

This offer will help attract a new user base by making the platform easier, faster, and cheaper to use. The implementation of EIP-1559 will mean that only ether can be used to pay transaction fees on the network, strengthening its role in the ecosystem.

The small jump in the price of ether compared to bitcoin can also be partly explained by the fact that non-interchangeable tokens are becoming mainstream. Like Bitcoin, ether has grown in both price and popularity. In fact, the price of Ethereum has been rising faster than bitcoin since the beginning of 2021, driven in part by a flood of retail investors who have extra time and discretionary income due to the COVID pandemic, the exchange noted.

Ethereum is like the visible part of an iceberg. Because the Ethereum blockchain is so flexible, huge economic activity is happening right below the surface - in the form of categories of Ethereum-based cryptocurrencies, including DeFi, stablecoins, packaged tokens, and NFT.

The material has been provided by InstaForex Company - www.instaforex.com

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