Despite the crypto market conditions, crypto assets and blockchains have continued to rack up new highs driving the global cryptocurrency market. In today’s news, Ethereum on-chain activity hit a new high following the crypto market’s revival.
Various metrics on the Ethereum network have only continued to show a steady increase in recent months. According to data from etherscanthe total number of ETH transferred daily on the network exceeded 1 million once again in recent years, indicating that the network activity it has not had any significant decrease in the last three months.
Not only did the daily transfer increase, but it also increased another metric, such as network usage in terms of addresses. According to the recent PrimeXBT report report On Ethereum, the network has been actively growing in usage, registering a high of 92.5 million addresses over the weekend.
Continued growth of the Ethereum network
Ethereal, the second largest crypto by market cap, has been a rival to the top crypto, Bitcoin. Since it emerged on the market, the Ethereum network has only continued to grow year after year without significant setbacks of any kind.
Over the past six months, unique addresses on the Ethereum network have increased by approximately 10%, reaching an all-time high of 221 million. Along with its other metric growth, there has been a 140% increase in the number of daily verified smart contracts online since last year.
With rapid adoption and the birth of new ecosystems on Web3, potential blockchains like Ethereum have seen significant boosts that see the native token hold steady without a drastic decline. According to crypto YouTuber Lark Davis, Ethereum has been fundamentally strong throughout the bear market.
“Ethereum is deflationary, provides high returns, no longer sell pressure from miners, is 99% more energy efficient, and has a thriving layer two scene as well as massive development activity… all in a bear market . In short, no one has enough ETH”, Davis tweeted on January 29.
Following Ethereum’s transition to proof-of-stake (PoS) mechanism, the network was expected to become a deflationary token, and so far, it has worked as expected. Data of ultrasound money shows that Ethereum issuance is currently deflationary at -0.04% per year.
This indicates that the supply of circulating ETH is shrinking over time. The total supply of ETH, which was 120.5 million at the beginning of this year, has decreased by around 9,200 ETH, valued at approximately $15 million, at the time of writing.
Ethereum (ETH) Price Outlook
In recent weeks, ETH has rallied significantly, hitting a 12-week (almost three-month) high; this was accomplished in the early hours of January 30 after seeing nearly 3% raise to trade for $1,658. Over the past 30 days, ETH has surged over 30%, breaking out of the $1,300 zone seen late last year.
Meanwhile, as the cryptocurrency market is experiencing a pullback, ETH has also followed suit and is down 2.4% over the past 24 hours on a current trend. market price of $1,573 at the time of writing.
Featured Image from Shutterstock, Chart from TradingView
