Ethereum (ETH) Daily Transaction Count Blasts Above Yearly Highs, Surpassing 1M

News
Wed, 06/24/2020 - 13:33
Vladislav Sopov
Cryptocurrency investor and dev Nick Cannon is confused by the market ignorance of the huge Ethereum (ETH) network usage upsurge. Some metrics breaking above yearly highs
Cover image via stock.adobe.com
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Ethereum (ETH) network metrics are demonstrating another spike. The daily transaction count has broken into seven-digit territories. Typically, this level of activity surrounds rallies.

One million transactions

Today, on June 24th, 2020, the total quantity of transactions confirmed by Ethereum (ETH) network nodes in 24 hours surpassed the one-million level. It exceeded one-year highs and is now inching closer to the insane figures of January, 2018.

Image by Etherscan

It should be noted that the Ethereum (ETH) price reached its ATH amid similar network activity levels. On January 13, 2018, Ether was worth $1,448 or almost 500% higher than today.

Ethereum (ETH) investor and developer Nick Cannon is confused by the pale performance of the Ethereum (ETH) market, which is refusing to react to this process:

Ethereum daily transactions just shot past 1 million for the first time since June last year. Market still sleeping on all this.

Asked about the possible reasons for this activity upsurge, Mr. Cannon unveiled that it could partially be explained by the recent gas limit increase. He isn't very excited about this decision from Ethereum miners. 

As covered by U.Today Crypto News, Ethereum Foundation's Vitalik Buterin also criticized this novelty, as did the bulk of Ethereum developers. Prominent Ethereans are concerned with increased network vulnerability.

Why is the market sleeping?

However, Ethereum (ETH) markets are refusing to rally on this bright news. As revealed by Skew analysts yesterday, on June 23rd, 2020, Ethereum (ETH) volatility even fails to exceed Bitcoin's (BTC).

Alongside that, many analysts believe that the Ethereum (ETH) price is on the verge of a huge move. Dutch crypto and stock trader Michael van de Poppe predicts that Ether may gain 25% in a couple of weeks.

Ethereum (ETH) investor Ryan Sean Adams foresees that the ongoing DeFi euphoria will ultimately result in Ether price progress. Also, analyst Chris Burniske emphasizes that Bitcoin (BTC) and Ethereum (ETH) fundamentals are still strong and they both have a bright future.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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