Ethereum sets new all-time-high price as ANZ bank hints at cryptocurrency products
ETHs weekly gains currently stand at an impressive 7%.
- Gas fees on the ETH network have continued to remain extremely high, forcing users to transition to other bridge-based EVM compatible ecosystems.
- An ANZ executive recently revealed that the banking giant may be looking to adopt the use of cryptocurrencies in the near future.
- The total market capitalisation of the digital currency sector now stands at AUD$3.87 ($2.86 trillion).
Over the last 24 hours, Ethereum – the world's second largest cryptocurrency by market capitalisation – has continued to hover around the AUD$6,000–$6,200 (USD$4,450–$4,600) range, thereby exhibiting monthly profits in excess of 29%. At press time, ETH is trading at a price point of AUD$6,170.
In terms of where the altcoin might be headed in the near term, data released by Ecoinmetrics suggests that if ETH were to follow its 2016/2017 performance trajectory – a time when it was hovering at its then all-time-high value – it could very well continue to rise, possibly scaling up to a price point of USD$22,300 (AUD$30,000 approx.).
That being said, it should be noted that Ethereum's native gas fee rates have been soaring over the last couple of months, resulting in multi-chain compatible DeFi platforms seeing record inflows from investors across the globe. As things stand, the cost of facilitating a basic transition on the Ethereum network is hovering around the USD$30-$50 range, depending on the time of day.
What's more is that even certain layer-2 solutions – such as Arbitrum – that were devised to help ease out these high fee issues have been suffering from congestion issues, with txn rates hovering close to the USD$30 range across many of these L2 platforms as well.
As per data released by Dune Analytics, the total value locked across ridged protocols – i.e. third-party platforms that feature an Ethereum Virtual Machine (EVM) – has been continuing to rise since the beginning of October, suggesting that more and more people may be transitioning from the ETH network due to the aforementioned volatility.
ANZ to follow in CBAs footsteps?
Just a day after the Commonwealth Bank announced its decision to launch a crypto trading desk for its 6.5 million smartphone app users, a senior executive for ANZ revealed to a Blockchain Australia forum member that the bank is watching the crypto sector closely as it has "grown too big" to be ignored anymore.
As a quick recap, the CBA recently revealed that its CommBank App customers can now purchase a total of 10 premier digital currencies, including Ethereum, Bitcoin, Litecoin and Bitcoin Cash, amongst others.
Disclosure: The author owns a range of cryptocurrencies at the time of writing