Cryptocurrency Market News: Ethereum fees hit a record high of $10.33

Here is what you need to know on Wednesday 2, September

BTC/USD managed to quickly climb above $12,000 but it’s currently trading at $11,987 showing again how crucial and strong the $12K level really is. 

ETH/USD is once again the leader with a massive breakout above $480 gaining a lot of market dominance but struggling with extremely high transaction fees.

XRP/USD can’t seem to be able to break $0.30 which is the strongest resistance point in the short-term. Bulls have propelled XRP above both daily EMAs but it might not be enough.

Plenty of winners today, YFII got listed on Binance and it’s up almost 100% in the past 24 hours. Similarly, Sushi also got listed and had a 61% price increase. Other notable winners were Gnosis, CRV and Wanchain.

Chart of the day: ETH/USD 15-minute chart

Market

While Ethereum is growing a lot in the past month, its transaction fees have also skyrocketed to record highs of $10.33 for the median fees. This is a big issue because it¡s extremely costly right now to send any token built on Ethereum. The DeFi boom is clearly helping the price of Ethereum but also slowing the network down. Ethereum 2.0 is coming but no one knows exactly when.

Whales have moved around $235 million in Bitcoin, XRP, and ETH in the past 24 hours. This was tracked through Whale_Alert, a Twitter bot. The largest transaction was 3,050 BTC and it was transferred from Binance to an unknown wallet, something that is generally considered bullish, however, other transfers were towards Binance. A huge transaction was also sent on Monday, 175,823 ETH, worth around $75 million at the time. 

Industry

Atupri Health insurance, a Swiss major health insurance company has started accepting cryptocurrencies. Initially, the company will support Bitcoin and Ethereum but we might see more. Caroline Meli, Head of Marketing and Sales at Atupri stated:

We consistently invest in new technologies and use the opportunities offered by digitization. In this way we accelerate processes for the benefit of our customers. 

Quote of the day

What we want is fully anonymous, ultra-low transaction cost, transferable units of exchange. If we get that going… the banks will become the obsolete dinosaurs they deserve to become.

– Adam Back