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