Despite the fact that Ethereum (ETH) rarely gets into the headlines of news publications than Bitcoin, over the past few months, the cryptocurrency is very successful not only from the point of view of the price rise, but also from the point of view of fundamentality. Analysts expect Ethereum will continue to rise in price.
Yesterday, the Ethereum network broke its record for Total Daily Gas Used. pic.twitter.com/c4ybS3vcoQ
— ETHGasStation (@ETHGasStation) May 30, 2019
According to analysts, the Ethereum blockchain yesterday broke his “record daily gas consumption”, which means that the network has been processed a huge number of user transactions. This is a rather impressive fact, given that ETH is still far from its historic high of $1400 dollars made at the beginning of 2018.
A brief look into the Ethereum $ETH chain
Active addresses reaching a 10 month high
— Daily on-chain transactions reaching a 12 month high
— Marketcap approaching 8 month high
ETH Can return to its former glory? pic.twitter.com/MDK6etAtLj
— Binance Research (@BinanceResearch) May 30, 2019
Fundamental network improvements
Analysts also noted the growing interest in Ethereum as a platform instead of as an investment tool. According to the latest research division of the Binance, there are a number of key attributes of the network development. In particular, the number of active addresses has reached a ten-month high, daily on-net transactions are the highest for the year and the market capitalization Ethereum has risen to eight-month highs.
However, this is not the only thing that attracts investors Ethereum. According to the statement Vitalik Buterin, Ethereum is ready to scale through the 2.0 update (Serenity), which will be implemented Proof of Stake (PoS), sharding and other technical improvements. As explained Buterin, Serenity is the perfect “way to combine technical improvements, such as PoS and sharding to improve virtual machine efficiency of the Protocol and many small technical details that are, but most of them have never heard of”. According to industry insiders, it’s all done in an attempt to create “a next-generation blockchain”, which will be hundreds of times faster and more scalable than the current iteration of Ethereum.
All this, combined with the technical data forces analysts to assume that ETH will continue to grow. According to a Credible Crypto when Ethereum exceeded $200, he has all the chances to climb to $400, which resembles the period of June 2017.
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