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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.
Ethereum (ETH) Transactions' Metrics Show Huge Upsurge of Network Usage
Cover image via stock.adobe.com
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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.

Ethereum (ETH) transaction activity spikes
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.)

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
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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.)