Friday Focus: Record High Fees

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Good morning. It’s not a good day to anyone swapping on Ethereum at the moment.

Welcome to Friday Focus, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.    

Market Price as of February 5, 2021:

Bitcoin$36,827-1.8%
Ethereum$1,587-4.4%
Tether$0.98+0.1%
Polkadot$19.69-5.7%
XRP$0.44+12.3%
SLP$0.02-10.3%


Bitcoin closed February 4, 2021, at $36,827 per BTC. We’re up 42% in the last 7 days and up 27% since the year began. This is 12% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $686,766,724,4862 which is 60% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,142,337,082,554 (-0.4%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Transaction Fees

Ethereum transactions fees at record high as ETH and DeFi tokens soar

The average transaction fee has reached as high $23.43 while median transaction fee on Ethereum has hit $11.77. This is a new record that reflects the growing demand for ETH and ERC-20 coins like stablecoins and DeFi tokens. Tokens like UNI and AAVE have reached record highs. 

Lucky for those who get that average gas fee. I tried swapping yesterday and it was hitting me with a $100 gas fee. ONE HUNDRED DOLLARS! 

According to Cointelegraph, some exchanges have temporarily suspended ETH withdrawals until gas fees become stable again. Gas fees right now:

Elon and Dogecoin

Dogecoin price increases again as Elon tweets about it

The world’s richest man is back at promoting Dogecoin, which prompted the cryptocurrency to regain momentum again. The $DOGE price regained momentum and is now back at $0.005. Below is the 15-min price chart.

Stablecoins

Stablecoin on-chain volume surpassed $300 billion in January

Stablecoin on-chain volume has breached $300 billion according to data gathered by The Block. $199 billion went to USDT followed by USDC with $63.1 billion in monthly figures.

Developing Story

Yearn Finance suffers exploit

What else is happening

  • Paul Tudor Jones, LL Cool J and more back new $72 million crypto VC fund
  • Here’s How Much Elon Musk’s Tweets Influence Bitcoin, Dogecoin Prices
  • DeFi giant Aave hits a new high

This article is published on BitPinas: Friday Focus: Record High Fees

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Richa Mehta

Hi, Really appreciate your work. We are also in blockchain development. Your article influences me. I would like to bookmark your blog. Waiting for your next blog. Thanks

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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