24.10.2021

Ethereum Daily Transaction Fees Hit $22M, a New All-time High

Grayscale Adds 47k ETH in the last 24 hours and 70,791 ETH in the Last Week. Another reason for Ethereum’s bullishness is the ongoing accumulation of ETH by Grayscale Investments.

Earlier this week, the Wall Street fund opened subscriptions to its Ethereum Trust to accredited investors. This has thus resulted in an accumulation of 47,000 ETH in the last 24 hours and 70,791 ETH since subscriptions were reopened.

The screenshot below, courtesy of Bybt.com, further demonstrates the accumulation of ETH by Grayscale.

Quick take:

  • Ethereum daily transaction fees just hit an all-time high of $22 million
  • This exceeds Bitcoin’s record of $21.4 million for daily fees
  • Ethereum has also hit an all-time high of $1,695 – Binance rate
  • Grayscale has accumulated 47k ETH in the last 24 hours and 70,791 ETH since it opened subscriptions this week
  • Ethereum has since dipped below $1,600 in what looks like consolidation for another move up

Ethereum’s (ETH) daily transaction fees have just hit an all-time high of $22 million. This is according to data shared by the team at Coinmetrics who also pointed out that this value exceeds Bitcoin’s all-time high of $21.4 million in daily transaction fees set in December 2017.

The team at Coinmetrics shared their observation on Ethereum via the following statement and accompanying chart.

ETH daily transaction fees topped $22M yesterday, a new all-time record for crypto fees. It tops BTC’s all-time high of $21.4M from December 2017.

Ethereum Sets a New All-Time High of $1,694 – Binance rate

The $22 Million milestone in Ethereum fees comes at a time when ETH also set an all-time high of $1,694 – Binance rate. The latter value was achieved earlier today and was followed by Ethereum dipping below the $1,600 support zone.

At the time of writing, Ethereum is trading at $1,580 in what looks like consolidation for another push up that could see ETH break the $1,700 resistance level ahead of the launch of the CME Ethereum Futures contracts.

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