Amid a downward correction in the bitcoin price, which affected altcoins on April 24 , Ethereum began to appreciate on April 25 amid a perceived reduction in transaction fees on this blockchain. This led to a record increase in transactions on this distributed ledger.
The reason for the decrease in the amount of commissions was not even another update, which was recently implemented in the Ethereum blockchain, but the E T H miners increased the limit on commissions (gas) registry from 12. 5 million to 15 million. They took this step due to the fact that a noticeable outflow of Ethereum blockchain users began to be observed towards using less expensive alternatives based on distributed registries Binance Smart Chain, Solana, Terra and others.
Ethereum’s reduced commissions, as well as the development of the DeFi ecosystem, brought the number of decentralized finance users to the 2 million digital addresses mark. The number of active Ethereum addresses reached an all-time high (about 665,000) when averaged over seven days, and by early April 27 was at a record daily value of 771,000, renewing the previous high, which was fixed in November 2020 (739,000).
Well-known trader Ryan Sheen Adams finds the level of gas value of 44 gwei so comfortable that he decided to make the most of the offers of various DeFi-projects.
As a result, all this had a positive effect on Ethereum, which hovered around the $2,300 level on April 25, showing more of an upward trend than a downward one. Over the past seven days, Ethereum has managed to gain 4.5% while bitcoin has fallen 11.2%.
Investors’ interest in Ethereum and altcoins in general is increasing: this is evidenced by the fact that the level of bitcoin’s dominance in the digital asset market has dropped beyond the psychologically important level of 50%.