11 signs $ ETH is going to blow past its all-time high 👇🏼
— Spencer Noon (@spencernoon) January 19, 2021
Thus, Nun draws attention to the fact that Ethereum remains the largest player in the cryptocurrency space in terms of the amount of fees collected, which “proves its status as the most useful network in the world.”
At the same time, he states that the number of large ETH transactions (over $ 100,000) is now seven times lower than at the highs of 2018 – “a sign that whales and institutions have not yet entered the game.”
The hash rate is at historic highs (313.12 TH / s) – a sign of the confidence of the miners.
The number of active Ethereum addresses per day is also at highs of about 550,000, having doubled over the year.
The number of DeFi users is estimated at 1.25 million and continues to grow rapidly – a sign of meeting market needs.
The volume of assets fixed in DeFi exceeded $ 25 billion, 21 projects have over $ 100 million in their smart contracts – a sign of the rapid development of the ecosystem.
Almost $ 22 billion in stable coins are on the Ethereum network, and the figure has grown by $ 20 billion over the year – a sign of high demand for crypto dollars.
The monthly turnover of decentralized exchanges is more than $ 30 billion, exceeding the value of a year ago by 50 times – a sector where decentralized finance is beginning to compete with centralized ones.
More than $ 20 billion has been deposited in lending protocols, and the volume of active loans is $ 4.5 billion – a sign of the viability of DeFi lending.
ETH has been steadily leaving exchanges, indicating continued cryptocurrency accumulation.
2.57 million ETH was sent to the Ethereum 2.0 deposit contract – this alone is enough to rank in the top 12 cryptocurrency market in terms of capitalization, a sign of confidence in the next update.
Note that there are plenty of counter-arguments, at least in the short term, which include a sudden decline in the bitcoin market or the sale of miners. ETH is trading around $ 1,350 at time of publication. However, it is still worth 0.038 BTC when paired with Bitcoin, four times lower than the highs recorded in June 2017.
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