Coinbase Unravels Ethereum Surprise
The two most high-performing cryptocurrencies, Bitcoin and Ethereum, have exhibited bullish trends multiple times of late till they finally succeeded in making the crypto market regain its price surge. For the first time since the cryptocurrency price crash of mid-May, the cryptocurrency market witnessed a sharp incline in market price by almost $2 trillion. Over the past couple of months, the price of Bitcoin has increased by almost 30%. But, the price rally of Bitcoin has been outpaced by Ethereum in July owing to the remarkable spike in its price by almost 50%.
According to reports of the second quarter of the financial year, Coinbase, one of the most popular cryptocurrency exchange forums of the US revealed that the cryptocurrency that witnessed the maximum trading volume in recent times is Ethereum. The landscape of trading in cryptocurrency has transformed a great deal from simple Bitcoin trading to the trade of thousands of cryptocurrency assets and adoption of DeFi applications, NFTs, DAOs, and smart contracts.
As per the earnings report of Coinbase, the price of Ethereum has skyrocketed by more than 700%. As of today, almost every NFT and DeFi application is traded on the Blockchain network of Ethereum. The reinvention of conventional financial products like insurance and loans with crypto technology and the massive use of non-fungible tokens have contributed to the price surge of Ethereum.
In the opinion of Jack O’Holleran, the CEO of Skale Labs, the price rally of Ethereum is evident from the rise in the number of registered Ethereum wallet addresses by almost 65% in the past quarter along with an increase in the count of on-chain NFT transactions by almost 75% in the last week. In the past few months, there has been a huge demand for Ethereum-based services and crypto apps. Experts believe that the high demand shall lead to a huge rise in the price of Ethereum, to the extent where it can even overtake the price of Bitcoin. Last week, Ethereum underwent a significant protocol upgrade to bring down the transaction fee and make its Blockchain network more scalable.