Ethereum is currently retracting sharply from its previous and 30-month peak of $620. Even with a decline of around $100 to today’s prices of $525, ETH is still up over 300% since the beginning of the year.
The confirmed genesis of the long-awaited Beacon Chain, which is Phase 0 of the even longer awaited Serenity ETH 2.0 upgrade, has no doubt driven momentum but it is not the only strong point for Ethereum.
Over 5 Reasons to be Bullish on Ethereum
DTC Capital’s Spencer Noon has pulled out a few key charts to back up the notion that we are definitely in a bull run for Ethereum.
8 signs we’ve entered a new $ETH bull market 👇🏼
— Spencer Noon (@spencernoon) November 25, 2020
Active addresses on the network are the first metric as it now has just under 500,000 per day. This is almost double what it was at the same time last year.
In terms of fees paid, Ethereum dwarfs everything else in the crypto space with 80 billion gas now being used on a daily basis. The analyst exclaimed that this is;
“A clear sign that it is the most useful network in the world.”
Over $16 billion in stablecoins have now been issued on Ethereum, a figure that has gone parabolic since the start of this year which is a sign that there is a major demand for digital dollars.
The DeFi effect has been huge as, despite a number of rivals and ‘killers’ emerging this year, Ethereum remains the foundation of the entire ecosystem. Ethereum’s largest use case has gone parabolic as there are now ten times more DeFi users than there were a year ago.
Total value locked across the DeFi space has surged almost 2000% since the beginning of 2020 to reach $14 billion with five billion dollar plus protocols which is a sign that the space is maturing.
And There’s More …
The amount of Bitcoin tokenized on Ethereum is also at record highs with 152,000 BTC, or $2.7 billion worth at today’s prices wrapped on the Ethereum network.
The DEX effect cannot be overlooked either as decentralized exchanges on Ethereum have done $20 billion in volume over the last 30 days. This has brought their combined total to $86 billion this year;
“A sign that DEXs can compete with the top centralized exchanges.”
This latest pullback may settle below $500, but there is little doubt it will provide a buying zone for ETH which still has a long way to go.