The number of daily transactions that the Ethereum network has processed has grown by around 50% since New Year’s Eve. It also surpassed the volume of transactions that take place in the Bitcoin network. On top of that, the ETH rate is also growing at a steady pace, getting closer to reaching a new ATH.
The volume of daily transactions on the Ethereum blockchain has managed to reach $12 billion this month, so far, which is a new record. The company determines a moving average for the previous 30 days. The indicator has begun to rise around New Year’s Eve.
Ryan Watkins of Messari has described the growth as being parabolic and mentioned that Ethereum processes more than Bitcoin – $3 billion more per day, to be more exact.
This impressive growth has been credited to the movements recorded by stablecoins since most of them are based on the ETH blockchain. The tipping point took place in July of the previous year when the DeFi boom started to take shape. This also played a big part, naturally.
Bullish Factors for Ethereum
Aside from a rising volume of transactions on the ETH network, it is also worth noting that the number of investments in ETH 2.0 is also growing day by day. As stated by the ETH 2.0 Launchpad, there are already 2.59 million ETH hosted on the Beacon Chain.
Judging by today’s prices, this means around 3.4 billion dollars, which is 2.26% of the total available supply. The annual return for stakers that is expected at this moment is 9.7%. Still, as the total staking will rise, the figure will start to decrease.
It is also worth noting that ETH 2.0 has, as of now, enjoyed a higher number of validators than any so-called Ethereum killers. An Ethereum killer is basically any similar project that could threaten to come first in terms of popularity. Even if the ETH 2.0 network hasn’t been officially released yet, it is already seen as the most secure and reliable one.
The total of second-tier platforms or solutions represents another reason why Ethereum is so bullish at the moment. An average transaction costs around $6.70, meaning that people are looking for alternatives that are faster and cheaper all the time.
The ETH Rate Is Close to a New Record
Since yesterday, Ethereum has grown by 8%. With the current trading price taken into consideration, another raise of 8% can push the second biggest cryptocurrency to reach a new personal record.
ETH tested the $1.400 mark this month, but it didn’t manage to surpass it. Howard Lindzon, the general partner of Social Leverage, has already called it an ATH, but that’s not exactly true since back in January 2018, ETH traded at a higher mark on some platforms.
The chances of ETH establishing an ATH are growing, and we may see it this week or even today.