Ethereum’s Daily Transaction Volume is Going Parabolic Surpassing Bitcoin by $3 Billion
Ethereum (ETH) has been in a frenzy as it continues to stamp its authority in the crypto space. The second-largest cryptocurrency continues to make merry as it is just 5.28% below its all-time high (ATH) price of $1,400. ETH has enjoyed a remarkable bull run, with its price up by 22.14% in the past week.
Ryan Watkins, a researcher at MessariCrypto, has delved deeper into what Ethereum has to offer the crypto sector. He acknowledged:
“Ethereum's daily transaction volume is going parabolic. It now settles $12 billion in transactions daily - $3 billion more than Bitcoin. Imagine not being bullish ETH.”
This analysis shows that ETH has been on overdrive because many participants have jumped on its bandwagon and the momentous daily transaction volume cements this fact. Recently, Ethereum addresses with at least 0.1 ETH went through the roof and broke the record at 3,716,113 coins.
DeFi is part of Ethereum’s rocketfuel
The decentralized finance (DeFi) sector has been a major catalyst propelling Ethereum’s incredible growth because its network is one of the most sought after in creating decentralized applications (dapps) and smart contracts.
This factor is acknowledged by IntoTheBlock, which noted that DeFi Fundamentals are strong based on the amount of ETH locked in. The blockchain analytic firm explained:
“And the DeFi fundamentals are strong! Total Value Locked: $24.74b. Percent of Ethereum Supply Locked in DeFi: 6.07%. Percent of BTC locked in Ethereum: $1.19b (0.18%).”
Ethereum seems to be on a journey to the moon because its current price of $1,329 has increased its market capitalization to $151.48 billion, according to CoinMarketCap. As a result, ETH has emerged to be more valuable than Softbank and Shopify, as attested by ranking company CompaniesMarketCap.com.
Crypto analyst Michael van de Poppe expects ETH to go ballistic as the year closes because it is continuously looking great on the BTC pair.
Image source: Shutterstock
Grayscale Bitcoin Trust Purchases another 10,000 BTC, Surpassing $22 Billion in AUM