ZB Academy：Ethereum token price continues to hit all-time highs

Since the Ethereum token broke a new high two days ago, its rise has been rapid and has been constantly testing upwards, but so far, the Ethereum token has begun to decline slightly. As of press time, according to ZB.com’s official market data, the Ethereum token is currently reported at $1,624, a 24-hour drop of 3.27%, and the 24-hour price range is $1,557 to $1,695. The Ethereum token reached the highest price since the birth of Ethereum with a performance of close to $1,700.

At present, the average transaction fee of Ethereum tokens has exceeded $20, setting a new record. According to data provided by Blockchair, as of 5:45 UTC on February 4th, the average transaction fee and median transaction fee of Ethereum were as high as $23.43 and $11.77, setting new records. The last time the Ethereum token broke its transaction fee record was on January 11, when the average transaction fee per transaction was $19. The current transaction fee price is twice the record high during the DeFi boom in 2020. The increase in the average transaction fee of the Ethereum token is not unrelated to the Ethereum price boom that has started this year so far. According to CoinDesk 20, the return on investment of the Ethereum token this year is as high as 130%.

The increase in transaction costs on the Ethereum network also reflects the growing demand for ERC-20 tokens, especially stablecoins and the red-hot DeFi (Decentralized Finance) field. According to Messari data, led by popular DeFi tokens such as uniswap (UNI) and aave (AAVE), the total market value of DeFi projects has increased by 16.27% within 24 hours.

In addition, Ethereum token miners are the main beneficiaries of the soaring transaction fees. Last month, the Ethereum mining revenue totaled approximately $830 million, and 40% of it came from transaction fees.

On February 4, Grayscale, a well-known digital asset management company, released a valuation report on Ethereum. The report pointed out that although the Ethereum network has gradually matured and has provided a strong settlement layer for billions of dollars in peer-to-peer value transfer, it is often difficult for investors to value their assets. Just as Bitcoin is mainly called digital gold at this stage, the market is not clear about Ethereum tokens. The method of evaluating the underlying asset, the Ethereum token, is opaque and constantly changing. In Grayscale’s report, the Ethereum token is regarded as a currency, consumer product, and interest-bearing asset. The report also pointed out that the Ethereum token plays the role of a “new era digital currency” in many aspects, and its utility promotes its use as a currency commodity on the Internet. Earlier, on February 3, Grayscale’s Ethereum token trust holdings increased by 47,000, which was an increase of 1.59% compared to before.

Also on February 4, Elon Musk, the richest man in the new world and the founder of Tesla, posted several DOGE-related tweets on Twitter. He called “Dogecoin is the people’s crypto” and said “The most entertaining outcome is most likely” when mentioning that DOGE will soar. Then DOGE pulled up for a short time, with a daily increase of over 50%. As of press time, according to ZB.com’s official market data, DOGE is now quoted at US$0.0536, a 24-hour increase of 45.29%, and the 24-hour price range is from US$0.3558 to US$0.0589.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Group by visiting www.zb.com