The price of Ethereum (ETH) rose above the $1,420 level, breaking all-time high record. when the ETH price was at $600, Spencer Noon emphasized that the ETH will continue to rise with eight positive signs.
Now Spencer Noon has come up with eleven signs that show Ethereum will continue to rise.
In a new series of tweets, the famous analyst explained why he thinks the Ethereum network and its price will continue to rise.
11 signs $ETH is going to blow past its all-time high 👇🏼
— Spencer Noon (@spencernoon) January 19, 2021
The summary of these points is:
- Ethereum continues to dwarf the cryptocurrency sector in terms of transaction fees. Noon said that on average, more than $7 million in transaction fees are paid daily on the Ethereum network, which is twice as much as BTC. This, according to the famous analyst, makes Ethereum the most useful network.
- The number of large ETH transactions worth $100,000 and above is about 7 times lower than the ATH period in 2018. According to Noon, this suggests that, the whales are not yet involved in the game.
- ETH hash Rate reached the all-time high record (313.12 TH/s). This shows that miners trust the network more than ever.
- The number of daily active addresses on the Ethereum network has doubled since the beginning of the year to over 550,000.
- The number of users in the Defi ecosystem hosted by Ethereum has increased to over 1.25 million. Ethereum continues to be a leader in the decentralized finance world in terms of network usage.
- The total value of locked tokens on DeFi platforms has reached over $25 billion. The DeFi ecosystem is growing to contribute to Ethereum.
- Ethereum network has about $22 billion in stablecoin supply. This means that stablecoin reserves in the network have increased by $20 billion over a 1-year period, making ETH network is more active than ever.
- The monthly trading volume of decentralized cryptocurrency exchanges has reached over $ 30 billion. That means a 50-fold increase in the 1-year chart. The Ethereum network may soon rival the centralized exchanges known as CEX.
- More than $ 20 billion worth of tokens were invested in lending protocols. The value of active loans rose to over $4.5 billion.
- ETH is steadily flowing out of exchanges. Last week, even in just one day, there were $740 million ETH exit from exchanges. This indicates long-term investment.
- 2.57 million units of ETH were sent to the ETH 2.0 contract. This shows how much confidence is in ETH 2.0.