Blobs

Ethereum has been in the dark shadow of Bitcoin the last months. But that doesn’t mean that Ethereum isn’t growing. Just not pricewise like Bitcoin. A record of 21000 “blobs” have been pushed through in the network, blobs are a protocol in which huge blocks of data are stored off chain, to keep transaction speed fast, explained in a simplified manner. These blobs are caused by the immense creation of layer 2 tokens. Which means that activity on the Ethereum network is growing very hard.

80 dollar gas fee

Yesterday, the gas fee was 80 USD for transacting. This had another effect on the supply of Ethereum. A whopping 166 ETH got burned because of that in the last week. Which is 560000 USD worth of ETH.
This all shows that the charts and the previous cycles are correct and Ethereum will pick up pace shortly and shoot up in price. At least it would really surprise me if that would not happen soon…

The Bitcoin and crypto supercycle has just begun, and promises to be epic!

Sincerely,

Pele23

Posted Using InLeo Alpha