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Ethereum’s transaction volume has increased by more than 100% in the past 24 hours

June 23, 2020

A recently released tweet by the cryptocurrency analysis company Glassnode has been released the recent increase in transaction volume on the Ethereum blockchain.

According to the diagram shown, Almost 100,000 ETH were traded on the blockchain of the most important old coin on the market and recorded an increase of 114% in relation to the volume of the previous day, which recorded just over 46 thousand ETH transfers.

The chart of the average daily volume on Ethereum also shows a recovery in levels traded in the chain as the lowest in a month since June 14th.

Ethereum’s transaction volume has increased by more than 100% in the past 24 hoursEthereum’s transaction volume has increased by more than 100% in the past 24 hours

Although the activity is still far from the peak recorded at the beginning of the current month, the truth is that from a broader perspective, The average transaction volume at Ethereum creates a lateral performance pattern parallel to the price of ether during June.

With a price already over USD 240, Ethereum has seen a significant increase in quantitative indicators in the past few days. Glassnode’s analysis shows that the blockchain has set new quantitative records to improve wallet balance, increase the number of “whales” and decrease active supply – all bullish signs.

Furthermore, Glassnode notes that the Ethereum blockchain generates new wallet addresses every day. Glassnode has seen a four percent increase in the last 30 days alone, exceeding 96,200 active addresses during this period.

Rate increase: headache

On the other hand, The rise in gas prices – transaction fees – in the Ethereum chain continues to give many users a headache. The price of gas has risen 3.5 times since June 9, when it rose from an average of 35.7 GWEI to about 122.09 GWEI on the same day. This increase has been discussed in many Twitter threads about the need for network scalability.

In this context, Vitalik Buterin, the creator of Ethereum, mentioned in a tweet on his personal account that lSmaller miners in the Ethereum blockchain are currently rejecting the fuel cap. although it is not known whether this is for convenience or because of real resistance to high rates and the increase in block size.

Vitalik’s testimony comes up after he learns that the parent company of the Ethereumine group, Bitfly will signal a vote among Ethereum miners to raise the block gas limit from 10,000,000 to 12,500,000. which sparked a whole community debate on the social network Twitter.

According to Bitfly This increase would allow the Ethereum network to process up to 44 transactions per second instead of the current 35 TPS. The upgrade would not only increase speed, but would also lower rates, according to Bitfly.

However, such an improvement does not seem to be quite pleasant given the miners the technical problems of additional workloads that these small miners in particular would require processing each block and avoiding coming out of the main chain, which is known as “uncle blocks”.

The problem of “convenient” scaling to Ethereum from this proposal has initially generated more rejection than support, since long-term health could be affected by the block’s enlargement through this solution proposed by one of the EU’s mining groups. Ecosystem of the most important old coins on the market .