Following what can only be described as a gut-wrenching August for ether holders, Ethereum now appears to be on the road to recovery, having gained more than 5.5% in the last 24 hours.
As it stands, ether is now teetering above the $200 price point, currently sitting at $201.27—up 12% in a single week.
Ether is currently up more than any other top 10 cryptocurrency in terms of 24-hour gains, though practically the entire market is also in the green. Outside of the top ten coins by market cap, Cosmos (ATOM), Tezos (XTZ) and TRON (TRX) are performing particularly well, gaining at least 5% in the last 24-hours.
Besides its incredible price growth, Ethereum has also been growing in other areas—one of which is daily transaction fee revenue. Since around June 2019, the Ethereum network has been gradually catching up to Bitcoin (BTC) in this area.
According to Coin Metrics, Ethereum recently hit $182,899 in daily transaction fees, which is just shy of the $185,993 achieved by the Bitcoin network. This is notable because back in 2017, Bitcoin usually had around 10-25x higher fees than Ethereum, showing that Ethereum has gained significant ground in the past two years.
However, this is largely due to Tether’s increasing use of Ethereum as it switches over from Bitcoin. But can the network handle the massive influx of transactions?