• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Ethereum hits record high
Advertisement

Ethereum Network Usage Skyrockets As ETH Hits Two-Month High

Samuel Edyme by Samuel Edyme
2 months ago
in Ethereum
0
Advertisement

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.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

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. 

Related Reading: Ethereum Staking Service Providers Make Up Over 70% Of Staked ETH Supply

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

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.

Related Reading: Ethereum Total Validators Surpasses 500,000 As Shanghai Upgrade Draws Near

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
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Samuel Edyme

Samuel Edyme

Related Posts

Ethereum

Why Ethereum Could See Further Rise After Bitcoin Rally Ends

6 days ago
Ethereum

Ethereum Fee Remains Low Despite Price Rise, Here’s What It Means

7 days ago
Ethereum

Ethereum Price Plummets As Whale Transfers $33 Million ETH To Binance

1 week ago
Grayscale Postpones Date For ETHPoW Review And Sales Decision

Grayscale Postpones Date For ETHPoW Review And Sales Decision

1 week ago
Polygon Ethereum

Ex-Ethereum Foundation Developer Joins Polygon

1 week ago
Ethereum Whale Shark

Ethereum Sharks Accumulated In Past Year, But Whales Sold: Santiment

1 week ago

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Binance Coin (BNB) Price prediction, Experts think RenQ...

    3 mins ago
  • Betnomi Affiliate Program 2023

    2 hours ago
  • Tremendous Growth in TMS Network (TMSN), While...

    3 hours ago
  • TMS Network (TMSN) Unveils Innovative Ideas for the Future...

    3 hours ago
  • TRON (TRX) and Tether (USDT) Fail to Impress Investors, TMS...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.