The number of Ethereum network users continues to grow, according to Glassnode platform data. At the same time, the cost of the project’s underlying asset - ether (ETH) is now 80% lower than its record level.
Rafael Schultz-Kraft from the Glassnode research team presented data on the activation of Ethereum blockchain users. From this statistics it follows that the number of wallets on the network that make at least one transaction daily has reached the highest level since the beginning of 2018.
According to analysts, an increase in transaction activity is a kind of "rocket fuel" for the largest altcoin ETH. At the end of this week, the ether is trading at $ 242. In 24 hours, the cryptocurrency capitalization approached $ 27 billion (0.5%).
Earlier, Mythos Capital founder Ryan Sean Adams drew attention to the fact that over the past four years, the price of ETH has correlated with a change in the size of transaction fees on the network.
Schultz-Kraft notes that fees have risen in a few weeks. This trend suggests that we are on the verge of a new phase of altcoin strengthening.
There is another factor in the growth of coins, the researchers emphasize. We are talking about the growing market for decentralized financial services DeFi, launched on the basis of Ethereum. Now, within the framework of this ecosystem, up to $ 1 billion is accumulated.
Recently, Marker project founder Rune Christinson said that the DeFi market will help attract investors not only in Ethereum-based financial products, but also in other services within the network. Ultimately, we will see the rise in the value of ETH as the underlying asset of the Ethereum blockchain.