Ethereum price tests $1,200, lifting market cap toward $1 trillion

The second-largest cryptocurrency by market capitalization continued its rally — the price of Ethereum tested the $1,200 level.

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The asset rose by 11.8% in 24 hours, and 62.7% over the past seven days (according to CoinGecko).

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30-minute ETH/USD chart from Bitstamp on TradingView.

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Despite the impressive rally, ETH’s price is 16% below its all-time high reached in January 2018, just above the $1,400 level.

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Daily ETH/USD chart from Bitstamp on TradingView.

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Against the backdrop of the current market situation, the price of gas required to execute transactions rose again. The biggest gas consumer is the largest non-custodial exchange, Uniswap.

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Data: ETH Gas Station.

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On Dune Analytics, indicative gas costs in USD for typical transactions in the Ethereum ecosystem are shown:

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• transferring ETH — $4.72;

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• transferring ERC-20 tokens — $9.26;

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• approving ERC-20 token operations — $9.97;

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• swapping coins on Uniswap — $28.52;

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• depositing into the DeFi service Compound — $42.53.

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Data: Dune Analytics.

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The average Ethereum transaction fee reached a record $15.34 on Monday, January 4. This happened as ETH rose toward the $1,000 mark, unavailable for several years.

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Data: Blockchair.

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In large part thanks to Bitcoin’s rise to $35,000 and Ethereum’s ongoing rally, the total cryptocurrency market capitalization reached $982 billion, according to CoinGecko.

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Earlier, Messari predicted higher demand for Ethereum from institutional investors.

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