Ethereum has been following Bitcoin upward this week but certain fundamentals have also been responsible for the rise. In short, transactional activity on the network is growing.
Ethereum has had a good week. Currently trading around the $188 level, it seems to be consolidating around this price point. Of course, much is dependent on Bitcoin, but the fundamentals seem to indicate that there is strong support.
Here are 3 metrics driving Ethereum’s recent price increase:
An Increase in Active Addresses
According to IntoTheBlock, the number of active ETH addresses in the past week have jumped by 10%. That means that there is much more market activity, and it shows. Holders are also still remaining strong.
Daily Large Transactions (over $100k) Have Increased by 75%
A lot of big wallets on are on the move, it seems. Daily large transactions on the Ethereum network are up by 75%, which means that more and more value is being transferred. This is ultimately a positive market metric.
Total Volume of Large Transactions Hits 1.12M ETH in the Last 24H
In total, the volume of these large transactions (worth over $112k) totals a whopping 1.12M ETH in just the last 24H. This number indicates that some wallets are consolidating their funds and others are trading more than before.
#Ethereum price went up on the last 7days from $175 to 189$
Here are some solid fundamentals:
-We saw an increase in the active addresses by 10%
-Daily Large TX (+$100k) increased from 311 to 543
-The volume of those large TX also rises to a high of 1.12m –#ETH in the last 24h.— intotheblock (@intotheblock) October 10, 2019
The Verdict
These metrics indicate that activity on the Ethereum network has increased substantially in the past week and seems to follow the rise in price. Whether or not these will be the catalysts for the next move up is still unknown.
Although these metrics are not exactly indicators of ‘adoption,’ they are representative of heightened market activity. That, in and of itself, is positive news for Ethereum moving forward.
Also, keep in mind that Istanbul, Ethereum’s upcoming hard fork, is set for release soon, as BeInCrypto has previously reported.
Do you believe that we’ll see another leg-up for Ethereum or are we due for a correction? Let us know your thoughts in the comments below.
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