After a 60 percent rally within two weeks of the course of Ethereum cools.Other crypto-currencies to draw and print, red price candle, while the equity and precious metal markets also take a breather.
According to the data of the price of the crypto currency trade at the time of writing at $ 375.This is a price that is around 40 dollars (or 9.7 percent) in the last week identified the previous year’s high of 415 dollars.
Despite this price action, the fundamentals of Ethereum, suggesting that the crypto-currency trend is continuing in a macro-economic upward to stay.Ethereum-fundamentals remain bullish: On-Chain data
Because of the decentralized financial management (DeFi) and other Ethereum-won applications more traction, increased the number of daily transactions on the second-largest Blockchain more.
Data on 7.
August were divided by the Blockchain Analytics company into theblock, suggest that the number of daily ETH-transactions has reached the highest level since the peak of the bubble in January 2018:
“As is clear from the above graph it can be seen, has passed through, the number of transactions in the year 2020, a constant upward trend.27.July, reached the number of transactions in the #Ethereum network a since the 3.January 2018 not more-before-seen highs.“
Together with the increasing proliferation of on Ethereum-based applications, the number of transactions is increased by increasing the block size of the Blockchain to a Maximum.
Graph of daily ETH-transactions with price overlay into theblock.
Currently by 7.August.
The transaction count is not the only positive On-a-Chain-Trend for Ethereum.The other key indicators into theblock draw a picture, according to the ETH in the short to medium term, a bright future.
The Dashboard of into theblock for Ethereum says that ETH is “mostly bullish”.Along with a strong number of daily transactions, the Blockchain has recorded a net network growth (increase in total number of addresses), an increase in “major transactions” and the order book data, which indicate that there is at the Moment a lot of ETH buyers.
A worrying sign, however, is the high ETH profitability for investors.
So Analytics platform Glassnode found out at the beginning of the week that the ETH addresses, with 90 per cent of the offer currently in profit:
“About 90 percent of the circulating ETH-supply are now in the profit, i.e.
the current price is higher than the price at the time of the last movement of the Coins.Most recently we saw this in February 2018, as the ETH-price was 925 dollars.“
If the price of an Asset is rising as fast as the price of ETH, increases the incentive to sell it.
The fact that such a large part of the total supply of Ethereum is profitable, it indicates that there might be a large number of investors, the profits want to take – and which could bring the price down.The ETH-buyers come
Spencer Noon, head of DTC Capital, said at the beginning of the week, DeFi, and how this affects the demand for ETH:
“I’ve read #DeFi, after I had spoken in recent weeks with investors, Fondsmgrs, OTC Desks and FOs: The herd comes.Are you enthusiastic about DeFi, but new to it, that is why you buy first, $ETH.“ You may also like.