2 Key Ethereum Price Metrics Support Traders’ Confidence Over $ 3,800 per ETH
Based on derivatives markets, Ether (ETH) traders remain confident of the possibility of a further rally even though the 23% correction on September 7 affected the price.
Network congestion also peaked on September 7, after the average rate reached USD 60, and has since remained above USD 17. As a result of the constant challenges experienced by the network, Investors turned to Ethereum’s competitors with bridging and layer 2 capabilities. For example, Polkadot (DOT) was up 29% over the past week, and Algorand (ALGO) soared 67%.
- Ernst & Young selects Polygon to scale its enterprise blockchain products on Ethereum
Interoperability and Tier 2 scaling solutions are undoubtedly being sought, with the aim of rapidly meeting the explosive demand from non-fungible token markets (NFTs) and decentralized finance applications (DeFi).
Read the full article on Cointelegraph
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