The second-largest cryptocurrency by market capitalization remains on track to hit new all-time highs, according to Spencer Noon, an investor at Variant, a venture-capital firm. He says 11 metrics point to this.
11 signs $ETH is going to blow past its all-time high 👇🏼
— Spencer Noon (@spencernoon) January 19, 2021
On Tuesday, January 19, the price of the second-largest cryptocurrency surpassed the $1400 mark, setting a new all-time high (on the Bitstamp exchange).
Spencer Noon drew attention to Ethereum’s leadership in paid transaction fees. The seven-day figure of $7.25 million is 1.7 times the Bitcoin figure, underscoring its status as ‘the most useful network in the world’.
Source: Twitter.
The number of large transactions above roughly $100,000 is seven times below the peak seen during the 2017-2018 bull market. Noon says this points to low involvement by whales and institutional investors.
Source: Twitter.
The Ethereum network’s hash rate hit a fresh all-time high of 313.12 TH/s, signaling confidence among miners.
Source: Twitter.
The number of daily active Ethereum addresses doubled. The 90-day moving average approached around 550,000.
Source: Twitter.
The number of users of DeFi protocols, one use case for Ethereum, is rising exponentially, reaching 1.25 million.
Source: Twitter.
The volume of assets locked in DeFi applications (TVL) surpassed $25 billion. TVL across 21 projects exceeded $100 million. Noon sees this as a sign of the ecosystem maturing and of growing alignment with institutional investors’ needs.
Source: Twitter.
Almost $22 billion worth of stablecoins have been issued on the Ethereum network, compared with $2 billion a year earlier.
Source: Twitter.
The monthly turnover on decentralized exchanges surpassed $30 billion. Over the year, the figure has surged 50-fold and now rivals centralized platforms.
Source: Twitter.
Users have put more than $20 billion into lending protocols. The current crypto-loan portfolio stands at around $4.5 billion. Noon says this indicates that the DeFi lending segment has stood the test of time.
Users are actively withdrawing coins from centralized exchanges, including a record $730 million at the start of 2021. The investor described this as a sign of accumulation of the second-largest cryptocurrency.
Source: Twitter.
Investors have sent 2.57 million ETH to the Ethereum 2.0 deposit contract. The aggregate value of these funds would be sufficient for ETH2 to rank 12th by market capitalization. Noon says this signals confidence in the protocol upgrade.
Source: Twitter.
Dan Tapiero, founder of DTAP Capital, pointed to Ethereum’s readiness for further growth thanks to institutional interest.
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