Ethereum registered a massive bullish week toward the end of April. Surging by 34% at press time, ETH has been able to outperform BTC after the recent dip in mid-April. While Bitcoin was still consolidating under the $60,000 mark, Ether went on to register a new all-time high.
Surprisingly, its on-chain metrics have differed in terms of indication with respect to previous highs, as the largest altcoin inched towards the $3,000 level.In terms of profitability, the rising price of Ethereum led to the most number of addresses in profit to date, with the count rising up to 57.8 million. For context, during the start of 2020, it was less than 20 million.
One of the main reasons for the drop in fees could be associated with the median gas prices, which reached a 4-month low recently. The collective drop in April may have reduced the congestion levels on Ethereum for transactions and hence, the market was able to push out consistent transactions without delay. The last week of April witnessed higher transactions on average.
Dropping gas prices are a blessing for DeFi assets that are working on Ethereum. One of the prime beneficiaries of the past week’s fee drop has been DeFi lending firm AAVE.
According to data, AAVE’s price is up by 54% over the past week, reaching its previous range of $500 for a brief period. Its on-chain fundamentals pictured improvements as well.
Another asset that probably rallied due to both Ethereum and Bitcoin, is Wrapped Bitcoin or WBTC. WBTC is an ERC20 token based on Ethereum but it pegged 1:1 with Bitcoin. The increasing value of WBTC is advantageous for ETH because it brings further liquidity from the BTC ecosystem for the DEXs and financial applications built on Ethereum.
