Ethereum (ETH) Transactions' Metrics Show Huge Upsurge of Network Usage

News
Sun, 06/07/2020 - 15:06
Vladislav Sopov
The Ethereum (ETH) network experienced a significant spike in terms of market demand and adoption. A new metric revealed by Glassnode proves it one more time.
Cover image via stock.adobe.com
Contents

Q1 and Q2 of 2020 were particularly fruitful for progress and adoption announcements for both Ethereum (ETH) and Ethereum-based products. Rafael Schultze-Kraft, Co-Founder, CTO, and a member of Glassnode analytical team, demonstrated how this was reflected in Ethereum's on-chain metrics.

Ethereum (ETH) Addresses Transfer Activity More Than Doubled

Mr. Schultze-Kraft researched the new daily addresses that sent or received at least two Ethereum (ETH) network transactions. He looked at five groups from these addresses, ranging from 3+ transactions to 50+transactions.

Image via Twitter

The most impressive upsurge was disclosed in the category of addresses with 3+ transactions. It spiked 2.6 times. The quantity of new daily addresses with 50+ transactions was above 2,000, which shows an almost 100% upswing.

Commentators on Glassnode CTO's Twitter account suggested that the DeFi sector could be responsible for the majority of this success.

They also emphasized that such progress is being achieved by Ethereum (ETH) amidst the overall collapse of the banking system.

Attack on Every Front

As previously reported by U.Today Crypto News, Ethereum (ETH) is one of the most prospective blockchains for the second half of 2020. Its price can reach a psychological level of $300 this July, says top-level crypto analyst Michael van de Poppe.

Midterm prospects also look amazing for investors. Dan Tapiero, head of the Gold Bullion International investment corporation, won't be surprised by an 'explosive upmove' when it comes to the price of Ethereum (ETH).

This prediction is based on strong fundamentals that involve mass adoption. Numerous and interesting Ethereum-based products, i.e. the OMG Network, have reached long-awaited milestones.

Ethereum (ETH) 2.0, the Proof-of-Stake version of the Ethereum (ETH) blockchain, will also be rolled out in 2020. Its core mechanism is already right around the corner, according to the Ethereum Foundation's team lead.

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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