Ethereum’s Performance Signifies An Upward Trend

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • The world’s second-largest crypto, Ethereum’s network development data, reveals the visible upward signs. 
  • Ethereum’s daily active address has surged to 380,000. This figure is a new high in two years.
  • Throwing light on Ethereum’s fee market, it is the only network to own a substantial fee market similar to that of Bitcoin.

Ethereum on the Path of Growth

Ethereum lately is on the path of growth, after a buzz around BTC for long, it seems like there is a shift of interest to Ethereum. The world’s second-largest crypto, Ethereum’s network development data, reveals the visible upward signs. 

Ethereum’s daily active address has surged to 380,000, and this figure is considered a new high in two years. On the other hand, its daily gas usage has surpassed over 60 billion. Thus, signifying an increased demand for Ethereum block space. The below chart reveals the Ethereum network witnessed a surge in the daily gas usage of around 60 billion earlier on March 12. Furthermore, Since March 12, which is considered as the ‘Black Thursday’, there has been an increased net outflow of ETH on the exchange. 

Further signs of ETH’s upward development

Throwing light on Ethereum’s fee market, it is the only network to own a substantial fee market similar to that of Bitcoin. ETH cost has stood at $ 426,000 over the past 24 hours, and this figure is 237 times greater than XRP. XRP follows right after Ethereum in the below listing.

There has been a rise in the number of stable coins issued on Ethereum. For three months, an overall figure of 4 billion stable coins has been released on the ETH network. Thus, making it over 7 billion US dollars. Talking of the Defi users, they have increased to 178,000. Ethereum owned only 90,000 users five months back. This rise in numbers is undoubtedly massive.

Grayscale Trust Investments has issued 1 million new ETH shares in the past 21 days. Thereby, it is a clear indication that institutions will either choose to invest in ETH or lock in the ETH they hold. Drawing attention to the figure of its transactions per day, Ethereum currently owns an average of 850,000 transactions per day. This figure was only 580,000 at the start of this year. 

All the above signs signify an upward trend. It seems like new events are awaiting on the pathway of Bitcoin. If the same continues, we can expect ETH to break the barrier of its price and mount upwards.

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