Cryptocurrencies Continue To Perform Exceptionally, But High Gas Fees Could Drive Users From Leading Networks

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The cryptocurrency sector continues to grow fast, but some with each network looking to attract more users. Crypto influencer Lark Davis has urged Ethereum network developers to quickly unveil ETH 2.0 to avoid losing users to other networks because of high gas fees.

Ethereum developers should expedite ETH2.0

Davis has indicated that Ethereum competitors will continue taking users from the network if ETH2 fails to launch quickly amid surging gas fees. Although the influencer had predicted five-figure ETH prices in 2021, he is skeptical if that will be possible because of skyrocketing gas fees which means only rich investors can afford the network. As a result, this has prompted smaller users to shift to rivals such as Binance smart chain.

According to Davis, BSC is currently witnessing a surge in users, and as a result, BSC-based DApps have caught up with Ethereum-based rivals. Davis said that the current gas fees are “totally loco,” and he is urging the Ethereum developer to accelerate the launch of THE 2.0 in response to the surge to avoid more user exodus to cheaper networks.

Jaques Greene auctions his latest track for Ethereum

Digital currencies are gaining mainstream adoption across all areas. Electronic producer Jacques Greene has auctioned his new track called “Promise” as he looks to get his hand on some Ethereum currency. He said that although he doesn’t know how cryptos work, he is excited to own some Ethereum.

Greene tweeted that as they explore art in the chain possibilities and the promise of web3, it is time to start thinking of letting go of old systems. He explained that the NFT represents the AV clip he got out of a long bad deal with a company last year, and it is a big professional and personal victory.

Kraken users seeking compensation over flash-crash

Kraken users are outraged and are demand refunds following a flash-crash that triggered wholesale liquidations when the exchange was inaccessible. Following the crash, leveraged trades were liquidated as sharp retracements were recorded across cryptocurrency markets on February 22. On this day, there was a single largest daily candle for both ETH and BTC by linear value. BTC dropped $9,500, with ETH plummeting $400 in 24 hours on Coinbase.

It seems that the combination of cascading liquidations and weak buy support led to the heavy losses on Kraken. BTC dropped 22% on Kraken to below $45,000, with ETH declining 64% to support at $700.

Dogecoin showing signs of a 75% surge despite market-wide sell-off

Dogecoin price is hinting at a 75% surge with the bull flag pattern developing. The coin is showing resilience despite market-wide sell-off pushing most altcoins to below crucial levels. Since January 30, DOGE price action has shown a continuation of a bull flag pattern after surging almost 300% in a week. To continue the impressive surge, DOGE should move above the $0.055 resistance level, but only a four-hour candlestick at $0.058 will affirm the bullish breakout.

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