Ether on New ATH, BTC Nears 3-Week Peak, Markets Shift to Alts
- Ethereum’s transaction fee averaged $41.5 over the weekend, high nearly three times in 90 days.
- Avalanche, Solana, and other layer1 blockchains grab market attention.
- Singaporean authorities and Australian banks embrace virtual coins.
Bitcoin (BTC-USD) started rising towards its ATH during Monday sessions. Also, Ethereum (ETH-USD) rose to a new peak. That comes as digital coins rode momentum waves amid favorable news and inflation concerns. The leading crypto, BTC, gained more than 4% towards $66,000, nearing the new record peak of $67,016.
ETH Transaction Fees Multiplied In Three Months
BitInfoCharts stats show Ethereum transaction charges over the weekend were on average $41.5. That was nearly three times its value over the past three months. Ether touched a new peak at $4,768, about a 60% high since October started.
Meanwhile, Bitcoin surged almost 51% over the same time, catalyzed by the futures-based BTC ETF launch last month. For now, investors appear to explore digital assets increasingly serve as an inflation hedge.
Crypto Losers and Winners
Some of today’s winners besides BTC over the last 24 hours were Internet Computer (ICP/USD), Ripple (XRP/USD), and Cosmos (ATOM/USD). Meanwhile, Solana (SOL/USD) and Shiba Inu (SHIB/USD) led the losers.
Altcoins Gain Market Attention
The market narrative appears to shift to alternative coins as BTC’s dominance suffered plummets. Avalanche, Solana, and other layer1 blockchain assets grabbed market attention as Ether witnessed its transaction fees rising.
IG Markets’ analyst Kyle Rodda told Reuters that traders preparing for inflation had real yields declining. That added attractiveness of cryptocurrency, gold, and other related assets. Rodda stated that financial institutions show increased interest in digital coins, and regulators do not want to amplify crackdowns.
Singapore and Australia Embrace Cryptocurrency
Australia’s leading bank has declared plans to introduce cryptocurrency trading for its retail clients. Singapore also shows positivity on digital assets. Keep in mind that market experts awaited more nations to adopt crypto after El Salvador legalized BTC some months ago.
Cryptocurrency in US Politics
NY Mayor-elect Eric Adams stated that he would receive his first paychecks in BTC last week. He declared intention to make New York a crypto hub. That comes as Miami’s mayor made similar remarks.
We have more market updates on your way. Stay tuned.
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