Ethereum nears $4,000 while its Network Fees hit 2-year high

Ethereum recently hit a 4% surge to almost reach the $4,000 mark. The coin stopped at $3,998, according to Coinmarketcap data.

Its latest upward momentum was noteworthy, given the boorish performance of standard equities. Ethereum and Bitcoin outperform SP500 returns by 14.7% and 10%, respectively.

On the other hand, the Ethereum network fees have hit a 2-year high amid the meme coin fiesta. IntoTheBlock’s latest report shows a massive surge in Ethereum’s network fees, reaching levels unseen since May 2022. 

With Bitcoin hitting its all-time high, traders are eyeing high-risk, high-reward options. Meme coins cater to this sentiment, leading to a 3x surge on average in the past month alone. The speculation has pushed the network fees on Ethereum to soar as well.

The development is favorable for ETH holders but makes it challenging for new traders. The average fee on Ethereum rose to $28 in the past 7 days.

On the market performance front, Ethereum is again looking to hit the $4,000 mark. At the time of writing, ETH is trading at $3,978, with a 0.72% surge in the past 24 hours. The Ethereum price predictions see the coin crossing the $4,000 mark soon.

Bitcoin has also crossed the $70,000 resistance mark for the first time in history. The same is expected of Ethereum, which is the second-largest crypto in the market.

As for the network fees, Ethereum has generated more than $190 million in one week. Its annualized rate has crossed the $10 billion mark as well.

Coinbase and Grayscale are discussing with the SEC to get an Ethereum ETF approved, similar to Bitcoin, earlier this year. The approval saw Bitcoin reach its all-time high in a couple of months. Ethereum can reclaim its peak before 2024 ends if the SEC pulls through.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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