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ETH Transaction Volume Has Increased 10x In The Last 4 Months - Binaryx

ETH Transaction Volume Has Increased 10x In The Last 4 Months

The third quarter of 2020 turned out to be rich in victories for Ethereum. The staggering growth in transaction volume, a boom in new ETH wallets, and the success of DeFi – what will next?

Ethereum transaction volume breaks record

The DappRadar platform has published a study of the level of user activity among the 13 most popular blockchains. According to the data, the total volume of transactions for the third quarter of 2020 exceeded the figure for the second quarter by $ 113 billion. In the period from July to the end of September, users made transactions worth an estimated $125 billion.

Ethereum showed the highest network utilization rates: the volume of transactions on the blockchain reached $119.5 billion, which is 96% of the total statistics. For the Ethereum network, this is another record, because over the last 3 months the volume of transactions has increased more than 10 times. If at the end of June the total value of transactions from the Ethereum network was $10.2 billion, by the end of September this figure increased by $109 billion.

EOS and TRON are also among the top three in terms of transaction volume in Q3 2020, according to a DappRadar report.

The number of active Ethereum addresses reaches 52,000

Ethereum’s network congestion growth is comparable to the 2017 peak, but analysts say it has a stronger potential for long-term sustainability and productivity gains. Over the past 3 months, we have seen a steady increase in the popularity of the Ethereum blockchain, and the boom in the DeFi market has played an important role in this.

At the end of the third quarter of 2020, the number of active Ethereum addresses exceeded 52,000. This is a significant gap compared to the data for the third quarter of 2019 when the number of Ethereum wallets fluctuated at the level of 3,200. Compared to statistics for the second quarter of 2020, this indicator increased by 300%.

The Ethereum blockchain has once again confirmed its status as the undisputed leader in the DeFi ecosystem. The statistics speak volumes about this: the number of unique ETH wallets that are created daily has grown by 154%. If you look at the last 12 months, the number of active Ethereum wallets has increased by 1519%.

DeFi and Ethereum

Experts from DappRadar noted that 2020 could be an unprecedented growth point for Ethereum thanks to the increased demand in the DeFi market. It is possible that shortly, Ethereum will be able to update all-time highs in price and volume of market capitalization. DappRadar is optimistic about the future of blockchain:

2020 will be a landing strip for Ethereum blockchain and DeFi scaling. The foundation is already being laid for the value of the Ethereum network, which will only grow in the future. The success of DeFi and the Ethereum token are intertwined.
The Ethereum project has once again proved its promise and relevance for the entire cryptocurrency ecosystem. A large number of decentralized finance (DeFi) projects that created their projects on the ETH blockchain generated a large influx of finance into this network and undoubtedly increased the number of transactions. But I would not talk about the return of the price to 1500 USD for one ETH shortly. Judging by the technical analysis, if we talk about a short-term perspective of half a year, a good price for investors for the acquisition of this asset will be in the region of 300 – 320 USD per ETH, with subsequent retention up to 470 USD. If we consider the long-term prospect of investing for a year or two, then it is already possible to acquire an asset now.

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