Category: Ethereum

11 indicators that suggest Ether’s new ATH is just the beginning

Many analysts predict that a parabolic ETH rally may be imminent, pointing to Ethereum’s surging DeFi ecosystem and network fundamentals.

With Ethereum inching its way into new all-time highs over the past 24 hours, a number of onlookers believe Ether could quickly surge through the $1,400 price range.

Ethereum’s robust fundamentals are strengthening the conviction that Ether might sail past resistance in the mid-$1,400s, with many pointing to Ethereum’s ever-growing DeFi ecosystem as the force most-likely to propel ETH into price discovery.

On Jan. 19, Spencer Noon of crypto VC fund Variant shared 11 indicators he believes suggests that a parabolic bull-run is nigh. He pointed to the fact taht more than one million unique addresses t have interacted with DeFi over the past eight months.

Unique DeFi wallets: Dune Analytics

Noon adds that monthly DEX volume is currently sitting at an all-time high of more than $30 billion, while more than $20 billion has been deposited into DeFi lending protocols — of which more than $4.5 billion has been issued as currently outstanding loans.

Looking beyond DeFi, Noon also highlights that Ethereum is the top blockchain network by daily fees generated — beating out BTC by more than 50%; the number of daily active Ether addresses has doubled in the past 12 months to reach all-time highs of 550,000; and that nearly $20 billion worth of stablecoins were minted on Ethereum over the past year.

The thread notes that more than $25 billion is currently locked in DeFi, adding that 21 decentralized finance protocols now represent at least $100 million in total value locked each. 

Despite Ethereum’s surging fundamentals, Noon notes that the number of Ether transactions valued at more than $100,000 is seven times smaller than during Jan. 2018’s highs, suggesting that “institutions still haven’t entered the game.”

On the same day, Token Terminal, an analytics platform that uses traditional financial metrics like P/E to examine crypto markets, tweeted a chart of Ethereum’s “price to sales ratio” with the caption “this time is different.”

The chart shows that Ethereum’s price relative to the fees generated by the network is reaching all-time lows — suggesting the market may be extremely undervalued. However, replies on Twitter challengede the applicability of using the metric to Ethereum, noting that Ethereum’s “sales” comprise fees that are collected by miners.

Messari also shared data indicating that the daily volume of Ethereum transactions now exceeds that of Bitcoin by 28%.

Flipped: Ethereum now processes 28% more transactions than Bitcoin

Messari estimates Ethereum’s daily transaction volume is now 28% greater than Bitcoin's.

The daily volume of transactions on the Ethereum (ETH) network is now 28% greater than on Bitcoin (BTC), according to crypto analytics firm Messari.

On Jan. 19, Messari’s Ryan Watkins tweeted that Ethereum’s daily transaction volume “is going parabolic” alongside a chart indicating that Ethereum and Ethereum-powered stablecoins have processed $12.3 billion in transactions over the past 24 hours — dwarfing Bitcoin and Omni-based USDT’s $9.3 billion.

The data excludes non-stablecoin ERC-20 transactions for Ethereum to avoid double-counting DEX volumes.

According to Blockchain Center’s “Flippening Index,” which uses eight key metrics to track whether the Ethereum network has surpassed Bitcoin in size and activity, Ethereum is 63.5% of the way to having flipped Bitcoin. 

While Blockchain Center’s data suggests Ethereum is yet to beat out Bitcoin’s transaction volume, the Flippening Index notes Ethereum is already beating Bitcoin by transaction count and total transaction fees. 

The data also has Ethereum’s node count at 94% after briefly flipping Bitcoin several times in recent months, and estimates Ethereum’s trade volume is equal to 57% of Bitcoin’s after bouncing off a record high of 76% last week.

The Flippening Index: Blockchain Center

Despite momentum building for Ethereum, the index shows Google search volume is only 14% compared to Bitcoin, and Ether’s market cap to be just 21% of Bitcoin’s. However, Messari estimates the entire Ethereum ecosystem to be worth $212 billion — equal to 31% of Bitcoin’s market cap.

Polkadot, the brain-child of Ethereum co-founder Gavin Wood, completed its own flippening last week to overtake Ripple’s XRP and rank as the third-largest non-stablecoin crypto asset by capitalization behind Ethereum.

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise

Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses RiseThe price of bitcoin and a number of digital assets have been consolidating this week, after a number of crypto markets dropped over 25% the week prior. The entire crypto-economy is hovering just below the $1 trillion mark at $987 billion, gaining 1.3% during the last 24 hours. Crypto Asset Markets Consolidate A good number […]

The Ethereum network is being turbocharged by layer-two solutions

With Ethereum transaction fees still high, more layer-two powered platforms are emerging.

The number of decentralized exchanges running layer-two solutions is growing as the Ethereum network struggles to keep up with its own popularity.

As excessive Ethereum gas prices continue to hamper smaller transactions and operations on the network, the number of faster and cheaper options continues to expand as layer-two adoption increases. Layer-two solutions have the potential to process thousands of transactions per second, rather than the handful processed on layer-one.

The LeverJ decentralized exchange has seen a surge in trading volumes since it launched perpetual contracts four weeks ago. Around $75 million has been traded across 26,600 transactions, costing just under $600 in total gas fees. Industry observer ‘DeFi Dad’ commented;

“Only in DeFi 2021 could you miss these monster numbers trading on an Ethereum DEX—built on L2“

Although these figures may seem small compared to DeFi giants such as Uniswap, they represent a surge in layer-two adoption at a time when the technology is most needed. Essentially, layer-two scaling involves taking work off the root chain in order to process data and transactions faster and more cost effectively.

DeFi protocol Synthetix is also poised to launch its Optimism layer-two staking upgrade called Castor later today,  Jan. 14, at 23:00 UTC.

Castor is the result of four months of testing which began in late September by offering incentives in its native SNX token to participants of the testnet.

The DeFi protocol, which offers synthetic assets tracking the value of real-world assets, is migrating to a new SNX escrow contract that supports L2. The upgrade also includes two smart contracts enabling deposits on layer-one and withdrawals on layer-two using optimistic rollups.

The developers expect that putting staking on layer-two will improve the user experience with faster transaction processing and cheaper gas costs. With its complicated smart contracts, minting, staking and claiming weekly rewards has sometimes cost more than $100 per transaction, which will now be a thing of the past.

According to the Synthetix dashboard, market capitalization has reached $3.2 billion while SNX prices have surged 26% over the past seven days to reach an all-time high of $16.

Decentralized exchange Loopring is also gaining traction with new updates and layer-two liquidity mining incentives for its native token, LRC.

Its latest feature is the ability to send from a Loopring L2 account to any Ethereum based L1 account without the recipient ever needing to be on L2.

“This means you can send a fast, cheap (gas-free) payment on L2 to your friend that has never even heard of L2, all you need is their Ethereum address (or ENS name),”

The number of layer-two based networks and exchanges are increasing but the big question remains when will the most popular DEX, Uniswap, launch its L2 upgrade?

Average Ethereum transaction prices have retreated a little from their record high of more than $16 on January 11, but they are still economically unviable for many users at over $5 according to

Crypto Prices Show Signs of Recovery, Market Analyst Says ‘Bitcoin Remains in a Healthy Place’

Crypto Prices Show Signs of Recovery, Market Analyst Says 'Bitcoin Remains in a Healthy Place'Bitcoin and a number of other cryptocurrencies have regained some of the percentage losses they suffered this past Monday, as various crypto assets are up today between 5-25% in value. On Monday, the crypto economy dipped under the $800 billion handle after the entire market cap fell from its trillion-dollar valuation. Today, the overall market […]

Crypto Markets Suffer Heavy Losses, Bitcoin Price Sinks More Than 25% in 24 Hours

Cryptocurrency markets have suffered significant losses during the last 24 hours, as the entire crypto market cap has dropped below a trillion to $823 billion losing roughly 9.9% in value. Since the bitcoin price height on Sunday, January 10, bitcoin’s price plummeted over 25%, seeing the largest price dive of the year. Digital currency markets […]

Two New York City Bars up for Sale for a Total 25 Bitcoins

Two New York City Bars up for Sale for a Total 25 BitcoinsTwo New York City bars are up for sale for a combined 25 bitcoins or 800 ether – over $800k at current prices. Bar owner Patrick Hughes has seen the worst of the Covid-19 pandemic lockdown on his operations and decided to sell the two watering holes for crypto. ● “Crypto is on fire, it’s […]

While Bitcoin’s Price Dips in Value, Crypto Assets Like Ethereum and Bitcoin Cash Shine

While Bitcoin's Price Dips in Value, Crypto Assets Like Ethereum and Bitcoin Cash ShineThe price of bitcoin has dropped on Sunday losing more than 6% during the last 24 hours, but a myriad of other coins have seen significant gains in contrast. Cryptocurrencies like bitcoin cash, ethereum, and monero have all jumped in value while bitcoin has seen a decent drop. Bitcoin (BTC) dropped to a low of […]

ETH Fees Surge to All Time High After the Crypto Passed the $1,000 Mark

ETH Fees Surge to All Time High After the Crypto Passed the $1,000 MarkAfter the ether token surged past the $1,000 mark on January 3, the average transaction fee on the network similarly soared to a new all-time high (ATH) of $17.41, some 24 hours later. Although the average fee has since retreated, data on January 8 shows that the latest average fee at $9.79. This figure still […]

Big Tech’s Freedom of Speech Purge Pushes People to Censorship-Resistant Blockchain Social Media

During the last few days, the world has watched the Big Tech and social media crackdown after the incident that took place at Capitol Hill a few days ago. During the last 48 hours, U.S. President Donald Trump, a great number of right-wing supporters, and literally anyone who speaks out against the U.S. government has […]

By continuing to use the site, you agree to the use of cookies. more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.