Ethereum Fees Are Up 500% Since April: Why That’s Bearish for ETH

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It’s been a strong few weeks for Ethereum adoption. Due to growth in the decentralized finance sector, the blockchain has seen a spike in users, active addresses, and transactions. Unfortunately, this influx of usage has not come without a cost: As per data from Glassnode, a blockchain analytics firm, the daily median gas price of an Ethereum transaction passed 50 Gwei. This is a transaction cost five times higher than that of April, and the highest reading in almost two years. #Ethereum gas prices continue to rise. The daily median gas price has increased by more than 5x since April, surpassing 50 Gwei yesterday for the first time in almost 2 years. Live chart: https://t.co/jAzTVXZoVy pic.twitter.com/nN2ToIOuZE — glassnode (@glassnode) July 17, 2020 While some may see increased usage as bullish for Ethereum, some aren’t too sure that this is the case. It’s Bearish for ETH Some analysts and proponents of…

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