Ethereum has been making impressive bull runs in the market on its way to hitting a figure that has not been seen in the last three years. To buttress this, several on-chain metrics have shown that the second digital asset has now been taken over by the bulls, with the crypto expected to hit a new price in the coming weeks.
Even though the coin is presently making a price correction from its previous $620 price mark, investors who have gathered the coin at the beginning of the year will still enjoy profits. Taking a look at the performance of the digital asset since the beginning of the year, one can note the coin is still up by over 300%.
Ethereum active addresses are rapidly increasing
With the launch of the much-anticipated Phase 0 of the ETH 2.0 about to occur, the digital asset’s momentum has been sustained by the activities surrounding the launch. To back up facts that Ethereum has been taken over by the bulls and will make a price surge in the next couple of days, Spencer Noon, an analyst with DTC Capital, has pulled up a few points. According to Spencer, the first metric that should be looked at is the rate at which active addresses on the network are steadily increasing as the day goes by.
Presently, the total number of active addresses on the Ethereum network is now around 500,000; this is two times the initial number of addresses on the Ethereum blockchain at this same time last year. Another metric taken into consideration by the analyst is that Ethereum now prides itself as the most useful network in the world due to the amount of gas used on the network. In the report, the analyst points out that coupled with the fact that Ethereum has the lowest gas fees in the crypto space, it still averages 80 billion gas every day.
Ethereum network activities a major reason for the surge
Ethereum now houses most of the stablecoins in the crypto market, with a recently released survey showing that about $16 billion worth of stablecoins has been issued on the network. Notably, this figure has witnessed a continued increase daily since the year, which shows that most investors and traders are accumulating digital dollars. The Ethereum decentralized finance ecosystem has also been able to add its momentum to the surge despite the emergence of other rival networks in the space since the start of the year.
As it stands, Ethereum has the most use cases in the crypto market due to the number of projects that have been launched in the DeFi space. Presently, the DeFi space now has its total value locked figure around $14 billion, with the project estimated to mature by $5 billion by early next year.
Other metrics are the amount of tokenized Bitcoin in the Ethereum sector, which has witnessed an increased surge to place at 152,000 and worth $2.7 billion, and the effect of the decentralized exchanges on the Ethereum network, which have accumulated a volume trade of $20 billion in the last one month.