Bitcoin

Ethereum’s daily transactions involve flipping

The latest findings from Santiment, published in Cointelegraph Consulting’s bi-weekly newsletter, suggests Ether will make a profit.

The amount of Ethereum traded daily on the blockchain rose from an average of 3.85 million in July to 4.75 million in August. a 5-month high of 7.74 million on Tuesday.

The gap between the transaction volume of Bitcoin and Ethereum has been growing for several months. Ethereum’s daily on-chain transaction volume was 60% compared to Bitcoin volume. after an all-time low of 0.6 on August 30th. This was the smallest transaction difference recorded between the two largest blockchain networks in the past two years.

Ethereum’s daily transactions involve flipping
Ethereum’s daily transactions involve flipping

This increase in the volume of chain stores comes at a price. ETH’s transaction fees are again approaching their record high. On Monday, August 31st, an average charge of $ 5.83 was recorded. In fact, transaction fees for Ethereum have increased over the last month. in August, Average daily transaction fees were $ 3.68 million compared to $ 1.08 million in the previous month, an increase of 240%.

The rate hike is in large part triggered by the growing popularity of decentralized financial protocols and income farming platforms *. Overall, the total value set in the DeFi ecosystem has more than doubled in the past month. from $ 3.99 billion in early August to $ 8.28 billion today.

In the last 14 days The total stock of the largest ETH addresses that are not owned by central exchanges has grown by a further 886,560 ETH (approx. 350,000,000 USD, based on current prices). This indicates a renewed confidence of some larger investors in the currency’s near-term price potential.

Read here the full issue of the newsletter for the full dose of each scoop, with graphics and images.

The newsletter Cointelegraph’s Market Insights is eager to share our insights into the fundamentals of the digital assets market. With market information from one of the leading analytics providers in the industry, Santiment, The newsletter covers the latest data on social media sentiment, chain metrics, and derivatives.

We also review the top news affecting the industry, including mergers and acquisitions, changes in the regulatory landscape, and corporate blockchain integrations. Sign up now to be the first to receive all of this information. All previous editions of Market Insights are also available on Cointelegraph.com.

* The DeFi ecosystem terms are in English

Similar Posts