Ethereum (ETH), the world’s second most valuable cryptocurrency by market value, has more than doubled in value over the last four months. This has left BTC, the world’s flagship currency, in the dust.
Data from Coinmarketcap showed that Ether was trading around $293 at the time of this report, representing about 262% gain since March 12th, 2020, when it traded at $112. It’s market capitalization presently at $32 billion.
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In addition, ETH miners are smiling to the bank as data feed obtained from Glasscode has shown revenue from fees surging to an all-time high. On the hourly chart, Nairametrics observed that more than a third of the ETH miner revenue currently comes from fees rather than blocks; up from less than 5% in April.
READ MORE: BTC & ETH on pace to hit transactions worth $1.3 trillion in 2020
#Ethereum miner revenue from fees is surging and at an all-time high (7d MA).
On the hourly chart, we’re seeing that currently more than a third of the #ETH miner revenue comes from fees rather than block subsidy – up from less than 5% in April.
Chart: https://t.co/BAobRA5mPI pic.twitter.com/lNMMsptz4H
— glassnode (@glassnode) July 25, 2020
Recall that Nairametrics had earlier given valuable insight about Ethereum’s price action, revealing ETH was finally breaking out of its long $200-$250 daily close range, and that it was time to revisit its historical model that illustrated the number of times a daily close transition had occurred between psychological support levels.
ETH is sitting in its “sweet spot” where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $300 in the near future would be the 42nd instance of the price closing above or below it.
READ: Dogecoin gains 50% in less than 24 hours, highest single-day gain since 2017
ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party. It is a decentralized system, fully independent, and is not under anyone’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for ETH to go offline.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and ETH staking.