Despite the state of the crypto market, crypto assets and blockchains continue to amass new highs pushing the global cryptocurrency market forward. In today’s news, Ethereum’s on-chain activity recorded a new high following the revival of the crypto market.
Various metrics under the Ethereum network have only continued to show a steady increase in recent months. According to data from Etherscanthe total amount of ETH transferred daily in the network exceeded 1 million again in recent years, indicating that network activity there has been no significant decline in the past three months.
Not only did daily transfers increase, but other metrics, such as network utilization in terms of addresses, also increased. According to the new PrimeXBT report in Ethereum, the network has grown actively in use, recording a high of 92.5 million addresses at the end of the week.
Ethereum Network Continues Growth
Ethereum, the second largest crypto by market cap, has become a rival to the top crypto, Bitcoin. Since appearing on the market, the Ethereum network has only continued to grow every year without any significant setbacks.
Over the past six months, the Ethereum network’s unique addresses have grown by around 10%, reaching a peak of 221 million. In addition to other metric growth, there was a 140% increase in daily numbers verified smart contracts on the network since last year.
With the rapid adoption and the birth of a new ecosystem in Web3, potential blockchains such as Ethereum have had a significant boost making the original tokens continue without a drastic decline. According to crypto YouTuber Lark Davis, Ethereum has been solid throughout the bear market.
“Ethereum is deflationary, provides high yields, no longer has selling pressure from miners, is 99% more energy efficient, and has two growing scenes as well as a lot of dev activity… all in a bear market. In summary, no someone has enough ETH,” Davis tweeted on January 29.
After Ethereum’s transition to a proof-of-stake (PoS) mechanism, the network was expected to become a deflationary token, and so far, it has done as expected. Data from Ultrasound money showing Ethereum issuance is currently deflating at -0.04% per year.
This shows that the circulating supply of ETH is decreasing over time. The total supply of ETH, which was 120.5 million earlier this year, has decreased by around 9,200 ETH, worth about $15 million, at the time of writing.
Ethereum (ETH) price price history
In the past few weeks, ETH has rallied significantly, reaching a 12-week (almost three-month) high – this was achieved in the early hours of January 30 after seeing almost 3% rise to trade to $1,658. Over the past 30 days, ETH has increased by more than 30%, breaking out of the $1,300 zone seen late last year.
Meanwhile, as the cryptocurrency market is currently experiencing a retracement, ETH is also following suit and is down 2.4% in the last 24 hours with the current market price from $1,573 at the time of writing.
Featured images from Shutterstock, Charts from TradingView