Monday, March 27

Ethereum puts the batteries to reduce its rates

The global NFT market, non-fungible tokens, is more than important, although the truth is that most of them, despite the fact that the most coveted jump to the press, have a very low price. In the case of the Ethereum Foundation, it exceeds 150,000 million,

And sure, we are talking about a beginning, because everyone, critics and defenders of both virtual currency and its possibilities in the DeFi world, they emphasize that their best record and possibility to rise in the future even over Bitcoin inexorably goes through enhancing that path, its possibilities, which its followers also point out that when it completes its current transformation, in that slow step from proof of work to proof of participation, with which it will reach a higher level of scalability.

In its price chart we see that Ethereum has moved in a wide rebound in recent days, which was needed after its plummeting falls in the last quarter that move it further and further away from the level of 4,000 dollars. Specifically, it rises 13.76% in the last five listed sessions, although it reflects the monthly fall of 28.23% and quarterly to an even greater extent, since it exceeds 39%. So far this year, the cut reaches 25.5% and in the interannual level we see that the advance still reaches 81.10%.

Ethereum annual value quote

Another factor in this fall is concentrated in its market capitalization that reaches, right now, number 32 in world assets, very displaced that is placed between the capitalization of the pharmaceutical company Roche and that of ExxonMobil, the oil company, and reaches 327,460 million, while moving away from half a billion.

But that is not just a matter of Ethereum, because the truth is that the global capitalization of the cryptocurrency market fell last week from two billion after even exceeding 3 billion, in November 2021. Right now, that global capitalization beats, as we can see in the graph, the 1.76 billion.

Ethereum global capitalization of crypto assets

But what really occupies Ethereum right now is the reduction of its fees. And it is that it is a crying demand from users and what is really making it lose ground against the competition, such as Solana, Cardano or Polygon.

In fact, they have been significantly reduced, up to 53% indicate, in the last 20 days, up to 0.0096 ether or $24.64 on average when sending an asset. Ethereum fees haven’t been seen this low since the start of the year when they hit $25.75 per transfer. Its maximum was reached doubling above the current figures on January 10.

Figures that in the case of what is known as average fees reach $8.37 to send Ethereum, the 19.14 dollars to send tokens and their exchange costs 41.87 dollars in the market. Light years from the now lowest in the market headed by Polygon with as little as $0.25 per transfer, Loopring where they cost $0.29, Zksync at $0.37, Optimistic at $1.75 per transfer for sending.

how do you know JPMorgan has already warned about high Ethereum fees, which concentrates a large part of the transactions. That factor added to the congestion caused in the network, they run the risk that rivals like Solana can take away their leadership.

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