With Ethereum entering its new all-time high in the past 24 hours, many viewers believe Ether can accelerate through the $ 1,400 price range.
Ethereum’s strong fundamentals are reinforcing the notion that ether may hold past resistance in the mid-$ 1,400s, pointing to Ethereum’s ever-growing Defy ecosystem as many pursue DTH in price discovery As the most likely force of.
On January 19, Spencer Noon of the crypto VC fund variant Shared 11 Indicators He believes that a parabola is bull-run nigh. He pointed to the fact One million Unique Address t has interacted with DeFi over the past eight months.
In the afternoon it has been said that the monthly DEX volume is currently sitting at a much higher level. $ 30 billion, While over $ 20 billion has been deposited in the DeFi lending protocol – most of which $ 4.5 billion Currently issued as outstanding debt.
Looking beyond DeFi, Noon also states that Ethereum is the top blockchain network generated by daily fees – B 50%; The number of daily active Ether addresses has doubled in the last 12 months, reaching an all-time high Is 550,000; And that’s almost $ 20 billion Stablocks were priced on Ethereum last year.
Thread exceeds note $ 25 billion It is currently locked into DIFA, stating that 21 decentralized finance protocols now represent at least $ 100 million in total value.
# 1: Ethereum continues to dwarf the entire crypto space in terms of fees paid ($ 7.25m daily AVG) – proving that it is the most useful network in the world. pic.twitter.com/t7Co50GukJ
– Spencer Noon (@spencernoon) 19 January 2021
Despite Ethereum’s growing fundamentals, Noon noted that the number of ether transactions exceeds $ 100,000 Seven times The January 2018 is smaller than it was during the high, suggesting that “institutions have still not entered the sport.”
On the same day, Token Terminal, an analytics platform that uses traditional financial metrics such as P / E to examine crypto markets, tweeted a chart of Ethereum’s “price to sales ratio” with the caption “This time is different . “
This time is different pic.twitter.com/4pfqAnvm9n
– Token Terminal (@tokenterminal) 19 January 2021
The chart shows that the price of Ethereum is reaching all-time relative to the fees generated by the network – suggesting that the market may be extremely low. However, the answer on Twitter to challenge Applicability of using the metric in Ethereum, noting that the “sale” of Ethereum includes charges that are collected by the miner.
Messari also shared data indicating that the daily volume of Ethereum transactions now exceeded 28% of bitcoin.