On-Chain Data Shows Ethereum Usage Has Rocketed, Boosting ETH’s Bull Case

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Ethereum is still down by over 80% from its all-time high, but that hasn’t stopped cryptocurrency users from increasingly adopting the asset. Analysts say that the increasing usage of the Ethereum network is rocket fuel for the cryptocurrency underlying the network, ETH or Ether. The founder of Mythos Capital, Ryan Sean Adams, explained that over the past four years, the price of ETH has been closely correlated with the transaction fees Ethereum users pay. Due to the increased blockchain activity, some of which was outlined by Glassnode’s Schultze-Kraft, fees have skyrocketed over recent weeks. If the historical relationship holds, ETH is poised to rally dozens of percent, a chart from Adams shows. The increase in Ethereum usage is far from the only positive catalyst currently affecting the underlying market for ETH. As reported by NewsBTC previously, the value of cryptocurrency locked in decentralized finance recently reached the $1 billion region for the second time ever. Analysts believe that the growth of DeFi will act as one of Ethereum’s biggest drivers of growth in the coming few years. The founder of MakerDAO Rune Christensen, for instance, said that Ethereum through DeFi will attract “all value” in the cryptocurrency space:Adding to this, the first phase of the Ethereum 2.0 upgrade will go live. The upgrade will introduce Proof of Stake into the ETH market, driving inflation of the altcoin lower over time. The introduction of staking is expected to result in an influx in demand from long-term holders who want to stake their Ether in exchange for interest.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/06/06/ethereum-usage-rockets-2018-level/

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On-Chain Data Shows Ethereum Usage Has Rocketed, Boosting ETH’s Bull Case: https://www.youtube.com/watch?v=W_PihxPQJEg
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