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Ethereum has moved up in the $ 1,150-1,250 range last week after flatlining.
Despite a local decline, the cryptocurrency is up over 12 percent in the past day and 25 percent in the past seven days, according to market data from CryptoSlate.
The cryptocurrency has hit an all-time high, at least according to some investors who say $ 1,420 is the all-time high for ETH ahead of today. In any case, a venture investor still expects significant growth due to positive trends in the chain.
On-chain trends signal potentially strong growth for Ethereum
Spencer Noon, investor at crypto-focused venture company Variant and on-chain analyst, says there are a number of on-chain trends that indicate that Ethereum will “surpass its all-time high.”
These on-chain trends include:
- Ethereum’s transaction fees are more than double that of Bitcoin, suggesting for some that it is one of the most useful, if not useful, crypto-asset and blockchain networks.
- The value that is transferred to Ethereum via stablecoins, ETH itself and other tokens exceeds Bitcoin and is far above that of other blockchains. This is largely due to the strength of the DeFi space and the rise in stablecoins, of which the Ethereum network is now worth over $ 20 billion, excluding algorithmic stablecoins.
- Ethereum has an all-time high of daily active addresses at around 550,000 (moving 90-day average).
- The DeFi space now traps capital worth over $ 25 billion, well above the $ 100 million that was trapped in the space in early 2018.
- Decentralized exchanges are now processing more than $ 30 billion a month in volume, which means they are starting to compete with centralized platforms.
Noon believes these factors suggest that Ethereum is poised to break its all-time high so far.
This came shortly after Raoul Pal, Co-Founder of Real Vision and former Head of Hedge Fund Sales at Goldman Sachs, said:
“By the way, the ETH rose by 60% in the first 14 days of the year. I think it tops all year but I still own a lot more BTC but have contributed to ETH. The next stop are alts with higher risk…. but much much smaller. More risk = smaller size. “
By the way, ETH rose by 60% in the first 14 days of the year. I think it tops all year but I still own a lot more BTC but have contributed to ETH. The next stop are alts with higher risk…. but much much smaller. More risk = smaller size.
– Raoul Pal (@RaoulGMI) January 15, 2021
Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in the assets mentioned in this article. The views displayed in this article are the opinions of the author – and the author only.
Ethereum, currently number 2 by market capitalization, has risen 10.91% in the past 24 hours. ETH has a market capitalization of USD 157.45 billion with a 24-hour volume of USD 47.42 billion.
Ethereum price table
ETHUSD chart from TradingView
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