Ethereum, the world’s second-largest cryptocurrency, is up by nearly 8% in the last 24 hours. ETH price is approaching a new all-time high above $2,500 despite the latest surge in its on-chain transaction fees.
According to the latest data published by crypto analytics firm, Glassnode, transaction fees of Ethereum touched $47.3 million per day earlier this week, which is the second-highest level on record. The total market cap of ETH crossed $285 billion on Thursday.
“Ethereum’s on-chain USD transaction fees hit the second-highest level in history yesterday. ETH on-chain fees hit $47.3 million per day, coming close to the ATH of $49.8 million set on 23 February 2021. Total fee revenue has exceeded $10 million per day since 1 February 2021,” Glassnode mentioned on Twitter.
Institutional interest in ETH-related investment products is growing. CoinShares, one of the largest digital asset managers worldwide, recently released its weekly digital asset inflows report and highlighted that Ethereum attracted nearly $65 million worth of institutional inflows last week. The world’s second-largest digital currency is gaining institutional interest due to its upcoming network upgrade (ETH 2.0).
The deposit contract of Ethereum 2.0 now has more than 3.9 million staked ETH, worth approximately $9 billion.
Ethereum started this year at a price level of nearly $730. The cryptocurrency is up by more than 210% in the last 16 weeks. Ethereum price is surging due to a jump in the adoption of ETH and its institutional accumulation. WeWork, the world’s leading flexible space provider, announced yesterday that the company has decided to accept Bitcoin and Ethereum as payment methods. Grayscale is one of the largest institutional holders of ETH. The asset manager has more than 3.1 million ETH worth approximately $7.5 billion.
The total market cap of Ethereum is now more than some of the leading banks in the world including the US-based Wells Fargo. ETH is now targeting the market cap of PayPal Holdings which currently stands at around $310 billion.