Until the end of last week, Ethereum lagged behind Bitcoin, which started a significant rally in the past few months. Ether is trading just above $ 700 after seeing a rapid rise, with the second largest cryptocurrency surpassing $ 1,000 to reach $ 1,170.
This price level was last seen in January 2018. During the March sales, the digital asset actually fell below $ 100 and has increased 12 times since then.
This last volatility can be attributed to all the liquidations that occurred.
A new ETH option contract on Deribit exchange
Immediately after this 36-month high, the digital asset dropped to about $ 885, giving the opportunity to buy. As of now, ETH stands above $ 1,000, behind strong volume of $ 8.30 billion.
But this is just the beginning. In the crypto market, when this bull cycle ends, predictions are actually around $ 10,000 per ETH.
Now, crypto derivative platform Deribit is giving people the opportunity to predict its target this month.
The exchange announced ETH options contracts with a strike price of $ 10 thousand, which expired on December 21. Usage price is the fixed price at which the contract can be bought and sold when executed.
Because of all this price frenzy, the Ethereum network is so used it has become unavailable for small users.
The daily number of ETH transactions reached almost all-time highs as we entered the new year. The 7-day moving average of the number of ETH transactions increased to 1.20 million on January 3, just below the 1.24 million daily transactions recorded in January 2018.
So much activity on the blockchain has caused ETH transaction fees to rise by over 60%, signaling high demand for it. Daily transaction fees on Ethereum reached an average of $ 6.8 million, more than twice the daily BTC fees.
For now, average wages on Ethereum have halved today to $ 7.8, after the peak two days ago rose above $ 15.