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Ethereum (ETH) Gas Breaks Above All-Time High. Will Price Follow?

News
Mon, 06/22/2020 - 12:23
Vladislav Sopov
A couple of Ethereum (ETH) network usage metrics surged today. Analysts are guessing how long it will take for the Ether price to reflect this spike
Ethereum (ETH) Gas Breaks Above All-Time High. Will Price Follow?
Cover image via stock.adobe.com
Contents

According to statistics from the Glassnode on-chain data vendor, Ethereum (ETH) has surged above 70B units for the first time in its history. Analysts and traders are attempting to figure out whether this will result in price growth.

Ethereum (ETH) network usage skyrockets

Today, the 'Ethereum Gas Used Total' statistic from the Glassnode data studio broke above the enormous level of 70,000,000,000 units. To compare, on Black Thursday it was 13.3% lower.

Ethereum (ETH) network usage spikes
Image by Glassnode

In 2019, this metric surged above 60B only once due to market 'greed' euphoria caused by the 'Xi Spike' in Q3. Typically, this number stayed in the 40-55B range.

This isn't the only metric of Ethereum (ETH) network usage that went through the roof on Monday. As recently covered by U.Today, the quantity of non-zero Ethereum (ETH) addresses also reached a new ATH, above 41,959,507 wallets.

Furthermore, someone has moved 300,000 Ether or $68.4M, between unknown wallets. This activity was registered by the automated service Whale Alerts.

And what about the price?

This upsurge in numerous meaningful metrics of the Ethereum (ETH) network can be attributed to a couple of factors. First of all, there is insane growth and euphoria around the DeFi segment. As previously covered by U.Today Crypto News, it is DeFi applications that use a substantial share of the Ethereum (ETH) resources.

Also, the enormous activity of the Ponzi schemes that use Ether-based stablecoins can overload the Ethereum (ETH) network. 

However, the Ethereum (ETH) price is lagging behind the network usage. It surged only 2% on main spot platforms in the last 24 hours. But Dutch cryptocurrency analyst and trader Michael van de Poppe believes that the Ethereum (ETH) price will still target $300 in a matter of weeks.

Michael van de Poppe predicts Ethereum (ETH) price may grow
Image via Twitter

Also, seasoned investor Ryan Sean Adams believes that Ethereum (ETH) will benefit from DeFi growth:

Good for DeFi = Good for ETH

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
Contents

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.)