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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Transaction Fees Rising Hints At DeFi Season Round Two

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
ethereum bitcoin ether defi altcoins

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Created by industry experts and meticulously reviewed
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Over the summer months, Ethereum transaction fees ran hot, causing the DeFi trend and Uniswap token swapping boom to finally run out of steam. But as transaction fees begin to pick up again after a period of inactivity and downtrend, could it be a signal that another phase of DeFi dominance is about to start?

DeFi Helps Take Ethereum To 350% ROI In 2020, With More Soon To Come

Ethereum is up over 350% in 2020, beating even the ultra-bullish Bitcoin at its own game. The altcoin saw explosive growth to start the year on the back of the total value locked in DeFi applications going parabolic.

As millions, and eventually billions, poured into DeFi, at the center of it all was Ethereum. The ERC20 tokens built on the cryptocurrency’s smart contracts enabled applications mimicking traditional banking, such as lending and borrowing.

Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

Token swapping on decentralized exchanges and automated market-making platforms also added to the momentum, bringing dawn to platforms such as Uniswap.

ethusd

Ethereum at the peak reached 390% year to date returns on the heels of DeFi | Source: ETHUSD on TradingView.com

Because all of this required Ether to pay gas fees, Ethereum’s price followed the parabolic trajectory that TVL laid forth. But this summer, food tokens fresh out of the oven with little to no value, and outright scams began tarnishing the budding fintech trend.

However, as Bitcoin nears a new all-time high, there are some early signs that another wave of interest in DeFi is brewing.

Decentralized Finance Building Again, Or Are Fees Rising Due To ETH 2.0?

According to one crypto analyst, Ethereum transaction fees are picking up again after a period of stagnancy. As DeFi token prices were tanking, and all eyes on Bitcoin, users ceased moving around tokens between wallets or DeFi applications.

eth gas fees ether

ETH gas fees are rising again for the first time since the downtrend began | Source: Etherscan.io

But with it picking up again, another DeFi season could happen amidst a greater altcoin market “alt season.”

An altcoin season has been long overdue in crypto, with most altcoins still significantly below their all-time high prices, while Bitcoin is mere dollars away from its.

Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

And as Bitcoin’s price per coin increases, the trend of investors looking to cheaper altcoins for profits, or to put BTC profits into, altcoins and DeFi tokens are likely to explode with far more intensity than the summer months demonstrated.

Only time will tell if the uptick in ETH transactions was the trigger, and in hindsight, if it was, it could be a helpful tool for analysts to pay attention to following future corrections for when DeFi will pick up again.

Another theory points to the movement being due to new crypto users coming in, and Ether moving in preparation for ETH 2.0. Is another DeFi season just around the corner?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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