Ethereum’s Gas Fees Reached 8 Months High; Backed by ERC-404?

Ethereum’s gas fee is breaking records as it has reached levels not seen since March 2023. The surge is believed to be backed by the growing price of the ERC-404 token, a new experimental token standard.

As per the Etherscan(dot)io on February 13, the maximum gas fee was 392 gwei, the average fee was 26 gwei, and the minimum fee was 14 gwei. On Tuesday, the maximum gas reached 392 gwei, the highest since May 2023.

It is believed that several other features have backed the sudden surge of the ERC-404 token, including the hype, among other things.

In the past 24 hours, the trading price of Ethereum surged 5.43%. At the time of writing, it was trading at $2,636. Trading volume and market capitalization have shown an impressive spike.

The primary aim of ERC-404 is to link ERC-721 non-fungible tokens (NFTs) with ERC-20 tokens, which will offer the feature of developing fractionalized NFTs. Available data states that the development team’s ERC-404 team is working to reduce the gas fees and find a better alternative with fewer gas fees.

Following the approval of the long-awaited Bitcoin spot ETF, there are speculations that Ether spot ETF might get regulatory approval by the end of April 2024. Ethereum prices have been enjoying positivity for the past few weeks. Analysts claim that the surge will continue in the coming months.

Ether is the second most talked about and third most traded cryptocurrency in the market. In the past 24 hours, its trading volume skyrocketed after reflecting a 210% spike.

Crypto Market Overview

The market capitalization of the entire cryptocurrency market has surged in the past 78 hours and had reached $1.89 Trillion as of writing. Meanwhile, Bitcoin showed a massive growth of 3.50% intraday. 

On the other hand, Solana (SOL) acquired the fourth rank in the market after its prices grew more than 7.10% in a short span.

Currently, Bitcoin is trading at $50k, but market observers believe that Bitcoin prices are still undervalued and will surge in the coming months post-halving.

Despite a fall in the price following the Securities and Exchange Commission (SEC) approval of the spot ETF, the market attracted more than $100 Million in the first market trading session.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.