Ethereum Network Usage Skyrockets As ETH Hits Two-Month High

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Despite the crypto market conditions, crypto assets and blockchains have continued to amass new highs pushing the global cryptocurrency market forward. In today’s news, Ethereum on-chain activity recorded a new high following the crypto market revival.

Various metrics under the Ethereum network have only continued to show a steady increase in the past few months. According to data from Etherscan, the total number of ETH transferred daily on the network surpassed 1 million once again in recent years, indicating that the network activity has not had any significant decline over the past three months.

Not only has daily transfer increased, but another metric, such as network usage in terms of addresses, has also surged. According to PrimeXBT’s recent report on Ethereum, the network has grown actively in use, recording a high of 92.5 million addresses over the weekend. 

Ethereum Network Continuous Growth

Ethereum, the second-largest crypto by market cap, has been a rival to the top crypto, Bitcoin. Since it emerged in the market, the Ethereum network has only continued to grow year after year with no significant retracement of any kind.

Over the past six months, the Ethereum network’s unique addresses have surged roughly 10%, reaching an all-time high of 221 million. Alongside its other metric growth, there has been a 140% increase in the number of daily verified smart contracts on the network since last year.

With the rapid adoption and birthing of new ecosystems in Web3, potential blockchains such as Ethereum have had significant boosts making the native token hold steadily with no drastic decline. According to crypto YouTuber Lark Davis, Ethereum has been fundamentally solid throughout the bear market.

“Ethereum is deflationary, provides high yields, has no sell pressure from miners anymore, is 99% more energy efficient, and has a thriving layer two scene as well as massive dev activity… all in a bear market. In summary, no one has enough ETH,” Davis tweeted on January 29.

Following Ethereum’s transition into the proof of stake (PoS) mechanism, the network has been expected to become a deflationary token, and so far, it has performed as expected. Data from Ultrasound Money shows 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 the past few weeks, ETH has rallied significantly, reaching a 12-week (nearly three months) high — this was achieved in the early hours of January 30 after seeing an almost 3% increase to trade for $1,658. Over the past 30 days, ETH has increased more than 30%, breaking out of the $1,300 zone seen late last year. 

ETHUSDT price chart on TradingView
ETH price is moving sideways on the 4-hour chart. Source: ETHUSDT on TradingView.com

Meanwhile, as the cryptocurrency market is currently experiencing a retracement, ETH has also followed suit and is down 2.4% in the last 24 hours with a current market price of $1,573 at the time of writing.

Featured image from Shutterstock, Chart from TradingView



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