The daily transactions processed by the Ethereum network has grown by about 50% since the beginning of January and exceeded the volume of transactions in the Bitcoin network. The ETH rate is also steadily growing and is approaching an all-time high (ATH).
January 19, 2021 | AtoZ Markets – According to the latest data from Messari, the volume of daily transactions on the Ethereum blockchain reached a record $12 billion in January. The company calculates a moving average over the past 30 days. The indicator began to gain momentum sharply on the eve of the New Year.
Ryan Watkins of Messari called the growth parabolic, adding that Ethereum now processes $3 billion more than Bitcoin in a day.
The massive growth has been attributed to movements of stableions, most of which are based on the Ethereum blockchain. The graph shows that the tipping point occurred in July 202, right before the start of the DeFi boom, which, in turn, also supported this trend.
More bullish factors for Ethereum
The growing volume of transactions on the Ethereum network is not the only positive factor. Investments in ETH 2.0 are growing every day. According to ETH 2.0 Launchpad, 2.59 million ETH is hosted on the Beacon Chain at the time of writing.
At current prices, this is about $ 3.4 billion, which is approximately 2.26% of the total supply. The estimated annual return for stakers is now 9.7%, but as the amount of staking increases, this figure will decrease. ETH 2.0 already has more validators than any of the supposed Ethereum killers – competing projects looking to take the lead. The ETH 2.0 network has not yet launched, but it is already the most secure and reliable of all.
The number of second-tier platforms and solutions is another reason for Ethereum’s bullishness. According to bitinfocharts, the average transaction cost is $ 6.70, so fast and cheap solutions are in high demand. The Optimistic Ethereum project has rolled out the mainnet, and Synthetix and Loopring are already offering second-tier solutions for transactions and liquidity mining.
ETH rate is approaching all-time high
Ethereum has gained 8% in the last 24 hours. According to Tradingview.com, at the time of writing, ETH is trading at $1,380. This means that another 8% jump will push the coin to a new price record.
The charts also show that ETH tested the $ 1,400 mark in January, but failed to break that barrier. Social Leverage’s general partner Howard Lindzon has already announced ATH, but in January 2018, ETH traded higher on some platforms.
New all-time high for Ethereum … yowza… yahtzee… pic.twitter.com/5fFogIgjpC— Lindzon (@howardlindzon) January 19, 2021
Either way, Ethereum is close to its peak and may well refresh the record this week. Or even today.
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