Ethereum activity nears three-year high

by in Cryptocurrency News

Ether

The number of addresses on the Ethereum network making daily transactions continues to grow. The trend towards increased user activity was previously recorded by many researchers.

Recently, the Xangle Research team published a report in which they noted that in the second quarter of 2020, the number of transactions on the blockchain increased by more than 60%.

Analyst Jen Kim points out that Ethereum processing fees jumped 688% in the reporting period. The last time such a trend was observed was in the second half of 2017, that is, before Ether (ETH) reached its all-time high ($ 1363).

Over the past two days, altcoin prices have skyrocketed to their highest level since last year. ETH is currently trading just above $ 321.

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Some analysts do not rule out a repeat of the June 2019 race, when the airtime reached $ 363. The Xangle Research survey notes that in the second quarter, conditions were laid for more assured growth in the cost of ether in the third quarter of this year.

The DeFi market for decentralized financial services is making a significant contribution to the development of the Ethereum ecosystem. Capital inflows into tokens are increasing, and Ethereum has even surpassed Bitcoin in terms of transaction fees.

According to the BitinfoCharts service, the number of daily transactions on Ethereum exceeded 1.175 million. For comparison, the Bitcoin network processes, on average, 298,422 transactions per day.