Ethereum Shows Record High Network Activity

The ether (ETH) rate today reached $ 4221, the capitalization of the largest altcoin at the beginning of the week exceeded $ 470.9 billion.

The ETH rally comes amid record high activity by Ethereum users.

According to EtherScan, the daily number of transactions on the blockchain on May 10 increased to 1.716 million.Even in early January 2018, when Ether set its first record, network activity was weaker. For example, on January 5, the network processed 1.271 million transactions.

According to Chainalysis analyst Philip Gradwell, high transaction activity indicates massive adoption of Ether. The number of network users willing to make transactions is growing. Accordingly, the demand for the underlying asset increases, which has a positive effect on its price.

In 2021, the value of ETH has grown by 450%. In the past two weeks alone, the price of the altcoin has doubled. Moreover, the ETH rally is observed in conditions when the leading digital currency bitcoin (BTC) cannot reach $ 60,000.

The network has seen an increase in the number of Ethereum addresses making regular transactions.

According to Arash Gaemi, representing Two Prime Digital Assets, the growing network performance and the strengthening of the ETH exchange rate, promote popularization altcoin on the internet.

On the World Wide Web, the number of air-related search queries has skyrocketed.

Both medium and large investors accumulate cryptocurrency. The Glassnode report says that in May, the number of addresses containing at least 1 ETH reached 1.224 million.

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