Ethereum (ETH) the world’s second-largest cryptocurrency, is struggling to find any sense of market momentum, with its price dropping almost 50 percent since its 2019-peak of $349.
However, ETH has seen some light in June 2019 for a while before slipping back down and going through a baptism of some gut-wrenching scenario in August for ether holders, but fret not that Ethereum now appears to be on the road to recovery. Ethereum has been witnessing back-to-back gains since the beginning of September and is now teetering above the $200 price point, currently sitting at $201.27.
Ether is currently up more than any other top 10 cryptocurrency in terms of 24-hour gains, though practically the entire market is also in the green. Outside of the top ten coins by market cap, Cosmos (ATOM), Tezos (XTZ) and TRON (TRX) are performing particularly well, gaining at least 5% in the last 24-hours.
Ethereum has also been growing in other areas—one of which is daily transaction fee revenue. Since around June 2019, the Ethereum network has been gradually catching up to Bitcoin (BTC) in this area.
According to Coin Metrics, Ethereum recently hit $182,899 in daily transaction fees, which is just shy of the $185,993 achieved by the Bitcoin network. This is something good for ether long holders because back in 2017, Bitcoin usually had around 10-25x higher fees than Ethereum. This indicates that Ethereum has gained significant ground over the last two years. However, this is largely due to Tether’s increasing use of Ethereum as it switches over from Bitcoin.
Nevertheless, ether holders are looking forward for better things to come. The market certainly hope Ether network is able to handle the massive influx of transactions as anticipated by the community.