Ether climbs almost to $ 1,750, but transaction fees are dangerously high

The ether price reached the next record high, but the transaction fees also rose in record highs and dampened the mood.

The market-leading Altcoin Ether ( ETH ) expanded its new record high on February 5, moving even closer to the psychologically important US $ 2,000 mark.

Ether record run almost at $ 1,750

As the data from Cointelegraph Markets and TradingView show, the ETH / USD currency pair took the next strong bounce on Friday today.

At the time of going to press, the Ether price is targeting the $ 1,750 mark with a gain of 6.5%, which increases the total weekly profit to just under 22%.

The fresh upswing is due, among other things, to an increased interest in decentralized financial services (DeFi), because many projects from this sector are based on the Bitcoin Trader blockchain. Many DeFi cryptocurrencies are among the clear winners this week.

Meanwhile, Ether also has its own reason to be happy , as Ether futures are now also being traded on the CME Group’s large options exchange. The influential crypto asset management company Grayscale has also bought more ETH again this week for its own ether investment fund after taking a two-week break.

Transaction fees dangerously high

While some prominent figures in the industry such as Gemini co-founder Tyler Winklevoss celebrate the record run of the second largest cryptocurrency, the transaction fees of the Ethereum blockchain are also rising at record highs.

This is less encouraging, however, because as Cointelegraph reported this week , some crypto exchanges had to temporarily suspend trading with ETH.

“This is a real crisis. We can grab our popcorn, because it will be exciting to see how Ethereum maneuvers its way out of this misery ”, as a blockstream developer assesses .

According to data from Ycharts , the average ETH transaction fee as of February 4th was $ 23.27.

Bitcoin ( BTC ) meanwhile remains below the 40,000 US dollar mark, although the starting position is mixed, because while the stock market with the S&P 500 has reached its own record high today, the US dollar index has fallen, which in turn puts Bitcoin on the cards should play.