Much like the price, the network fundamentals are just as bullish, with the hash rate on the network on an uptrend ever since December 2019.
Unique addresses have also been only growing, now past 148.5 million. Daily transactions also hit a new ATH at 1.5 million this week versus 1.35 million on Jan. 4, 2018.
Average gas fees on the network continuously keep above 150 Gwei with several significant upticks along the way, which first gained momentum during DeFi summer, as per Etherscan.
While the high fees on the second-largest network continue to price out the smaller users due to high activity on the platform, it goes without saying people are still using it and paying the fees.
“You pay high fees now because it’s the most useful chain by far. The catalysts coming will be the most obvious in retrospect,” said Kyle Davies, co-founder of Three Arrows Capital.
The consistent growth in usage can further be seen in transactions settled by the Ethereum blockchain, which has reached $1.5 trillion in transactions in Q1 2021.
There has been a deal of interest in the alt-coins as bitcoin’s price has increased. That’s a normal response from investors who are drawn to the promise of quick gains. They look for catch-up potential as the primary asset rises and the cost of participating increases.Click HERE to subscribe to Fuller Treacy Money Back to top