increase in activity. From institutional adoption to growing traction, and all that. Given the demand, Ethereum (ETH) network participants raised $2.48 billion in fees compared to $1.7 billion a year ago.
Should you be happy?
Ethereum’s optimism throughout 2022 resulted in a good increase in trading and transaction volumes, as well as a large influx of investors. The accumulation trend was accelerating and that also resulted in a profitable month for Ethereum miners. In fact, the income of Ethereum miners reached an ATH.
What led to this hike? ApeCoin owners got NFT from Otherdeed, which also led to more ETH being burned. This meant more demand. APE owners had to send their cryptocurrency over the Ethereum (ETH) network to the corresponding smart contract and the network experienced a heavy load during those hours.
As the participants were eager to get their hands on an NFT from Otherdeed, they ended up in a gas war. This skyrocketed transaction costs, with Ethereum miners earning over $87 million in just one hour.
Consider this: They earned $87,664,337 in a single hour. They must be very happy with this income.
The backing of this outlook for the price of Ethereum is the decline in the supply of ETH on exchanges over the past month. The number of ETH tokens held on these platforms dropped from 15.24 million to 14.86 in just 30 days, indicating that investors are withdrawing their holdings from exchanges due to their confidence in Ethereum’s price performance.
This indicator matches forecasts from a technical perspective, adding a tailwind for the bulls. Therefore, investors should be prepared for the next Ethereum price hike.