Ethereum has regained lost reputation over the week, touching the highest of seven days $475, even breaking further to $476 mark just less than one hour. For the last few days, stock market people and analysts predict the $450 barrier as the breakout point but the price went far higher after reaching the $455 price leve.
In the last few days, Ethereum went from a price of $446 up to $476.13. That alone is 6.5 percent growth. If we look at the highest surge, which happened at 10am, we witness a 5 percent spike within just few hours.
ETH was facing terrible fall in value against the dollar for six days out of seven. Yesterday, the coin tried to push upwards but flat out in the middle of the day. Last night into day, ETH experienced first extended growth pattern for the week. On June 16th Ethereum price was around $489 – not all that far off today’s level. Yet, by June 21 the price went up to $543.72 which is still 12.5 percent less than the last month’s highest peak.
Ethereum exchange activity
The busiest exchange for Ethereum today has been CoinEx. It’s a china based crypto-exchange where the biggest trade comes in form of BTC/USDT trades. Second most concentrated source of activity was Bitfinex where 5% of ETH’s has been directly against USD.
Bitcoin started the day with faster growth than Ethereum but eventually couldn’t cross the mark beyond 3.88 percent growth rate, compare to Ethereum’s 6.5 percent growth rate. The majority of Ethereum’s trade is coming from BTC right now, with ETH/BTC making up around 27.5 percent daily. The next popular trade is against USDT, making it nearly 20% of all trading volume.
Spam attacks to cryptocurrencies are not new. These are helpful in the long run as, these highlight potential weakness in the platform. In the amid of crypto wars, the spam attacks commenced again this week to Ethereum network, as a smart contract began to overload the Ethereum network with meaningless transactions. At one point the series of activities increased gas prices to over 200 gwei, while some users reported fees of the several ETH at the peak time of attacks.
The attack was visible due to Ethereum’s own token launching feature. Around five billion ‘Fish’ tokens were created and distributed to multiple wallets, which then distributed around to more. The senseless series of transactions between the wallets eventually succeed in congesting the network. The issue has been resolved but some ETH developers are pointing fingers at representatives.