Home Ethereum This Ethereum (ETH) Price Rally Is Not Just About Speculations, Data Shows – U.Today

This Ethereum (ETH) Price Rally Is Not Just About Speculations, Data Shows – U.Today

by admin

Ethereum’s explosive price growth has left many critics aghast in 2020. However, there is still a lingering question about whether or not this rally is something more than speculative buying.

Must Read

Bitcoin (BTC) Maximalist Tone Vays Brings Up IOTA Hack to Make Case Against Ethereum (ETH) – READ MORE

According to data provided by crypto analytics company Glassnode, Ethereum’s impressive price moves have been accompanied by growing fundamentals. In just one week, the number of active addresses has grown by 26.7 percent while ETH transactions have grown by 20.77 percent.

Inline with $ETH‘s price rally, #Ethereum network usage is on the rise.

In the last 7 days:

Active addresses are up 26.7%

Transaction count is up 20.77%

Gas usage has hit highs not seen since September last year.https://t.co/7kr4dLf5ZL pic.twitter.com/DLFCuvBhWv

— glassnode (@glassnode) February 14, 2020

Meanwhile, the usage of gas (the fee that is required to conduct a transaction on the Ethereum network) has grown to its highest level since September. 

Hence, it’s safe to say that’s it’s not just about speculations. The same pertains to Bitcoin (BTC) — the crypto king has recently witnessed an uptick in newly-created addresses.  

Must Read

Grayscale’s Investors Buy Ethereum-ETH at Insane 287 Percent Premium – READ MORE

The price of Ethereum recently reached a new yearly high of $283. The leading altcoin has surged by more than 140 percent year-to-date. 

As U.Today reported, market analyst Edward Moya opined that ETH could skyrocket up to $440. However, considering that the coin is currently extremely overbought, one shouldn’t rule out that it could hit the skids before resuming its rally.   

Let’s block ads! (Why?)

Source link

Related Articles

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More