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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
Ethereum (ETH) Daily Transaction Count Blasts Above Yearly Highs, Surpassing 1M
Cover image via stock.adobe.com
Contents

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.

Ethereum (ETH) network transactions count surpasses 1M level
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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
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John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)