Market Wrap: Bitcoin Passes $10.7K; Ethereum Gas Usage Hits Record September Highs

Bitcoin is making gains Monday and Ethereum usage is hitting record highs in September. “Bitcoin futures aggregate open interest has dropped $1 billion, or 20%, since the start of September,” noted Jason Lau, chief operating officer for cryptocurrency exchange OKCoin.

Ethereum record gas usage Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday, trading around $375 and climbing 3.2% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Total gas used per day all-time for the Ethereum network.Source: Glassnode “I have short-term concerns about Ethereum network congestion but it’s a positive for the long term because it shows demand,” said Brian Mosoff, chief executive officer of Eth Capital, which invests in the Ethereum ecosystem.

Timeline of Ethereum, Ultracoin