Ethereum price is currently over $300 and that’s great considering that the price surge has also led to increase in transaction volumes over the course of last few days.
According to information we have been made available, the ethereum network experienced its highest activity ever with 318,866 transactions processed yesterday and that’s a value that is 50,000 more than those registered in the bitcoin network. If we compare with previous high, it is even more than transaction volumes in June when the price peaked at $420.
Another positive thing is that though the ethereum network is handling more transactions than the bitcoin network, ethereum’s median fee is at 12 cents. There have been transactions when fees of sub-pennies have been sufficient for confirmation, according to data from the GasStation.
This is in stark contrast to what we have seen with the bitcoin network as fees have rised to a high of $1 and that’s a direct result of the lack of capacity in the network. One of the best things about Ethereum network is that it can handle hundreds of thousands more transactions without any further improvements.
Analysts reveal that the surge in transaction volumes can be tied with the sudden increase in Ethereum’s price, up this week from around $200 to a recent high of $314.
Its trading volumes have also significantly increased to nearly $2.5 billion, almost $1 billion higher than bitcoin and nearing their all-time high of $3.2 billion. Further, Ethereum trading volumes have also increased over the last few days indicating there is considerable interest in the still nascent digital currency and smart contracts platform.
Ethereum price rise can be linked to positive developments for the cryptocurrency and while it is not the only one experiencing surge, it is one of the best altcoins to chose from currently. The bitcoin hardfork might have played a role in adding interest to all cryptocurrencies, but ethereum was also going through its own bull-bear cycle.