CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$48,941.00
  • ethereum
    ETH$1,542.43
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Report: Current ETH Network Activity Resembles That of 2017 Bull Run

    Report: Current ETH Network Activity Resembles That of 2017 Bull Run

    Author: Mandy Williams

    Last Updated Jul 27, 2020 @ 14:38

    According to a recent report, the current activity on Ethereum’s network resembles that during the parabolic ICO boom in late 2017.

    It’s been quite a year for Ethereum as on-chain activity on the network continues to spike, comparable to what it was during the bull run of 2017.

    Tx Fee Surged 688%

    According to new research on Decentralized Finance (DeFi) by Xangle, a global crypto-asset disclosure platform, the transaction volume and fees on the Ethereum network recorded tremendous growth in the second quarter of 2020.

    Daily ETH transfer volume surged 61.7% as transactions surpassed 1,000,000, reaching 52 weeks high on June 23. This figure is a few thousand less than the ATH of 1,349,890. The transfer fee, on the other hand, skyrocketed 687.9%. Xangle said the movements “partially resembles” spike recorded during the bull run of late 2017 and early 2018.

    eth_charts
    On-Chain Transaction Count & TX Fees.

    A DeFi Boom

    DeFi has been the hottest niche in the cryptocurrency industry since the start of Q2, tripling the total value locked (TVL) in DeFi protocols to over $3.5 billion in the last few months. Interestingly, the TVL has increased by 2,524% since January 2018, the report said.

    The booming DeFi sector is mainly responsible for the increased on-chain activity on Ethereum in the past quarter of 2020.

    ADVERTISEMENT

    As noted in the report by Xangle research Analyst, Jehn Kim, “Defi in 2Q20, (is a) deja vu of 2017 ICO market boom.”

    Aside from DeFi projects, most stablecoins issuers prefer to house their coins on the Ethereum blockchain.

    And just like DeFi, the stablecoin market has also experienced massive growth since the start of the year, especially after the March crash. This has also contributed to the increase in on-chain activity in terms of transaction fees.

    ETH Still Undervalued

    However, despite the similar performance in on-chain activity, ETH ended Q2 with a price of $230, which is 83.5% down from its peak of $1,396 in 2017-2018 with Kim stating that “Ethereum’s on-chain indicator activity needs to be reconsidered.”

    Previous reports suggest that Ethereum is undervalued but is steadily heading towards market cap parity with Bitcoin. Analysts believe the leading altcoin might be bullish in the long-run regardless of its current valuation.

    With Q320 already in motion, ETH’s price has started gaining upward momentum, perhaps getting ready for a rally as the launch of Etheruem 2.0 draws closer. The altcoin grew over 35% over the last week and is currently trading at $321.

    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • bitcoin_repeat
      Bullish Sign? Current Bitcoin Price Correction Is Typical Compared To 2017 Bull-Run
    • Ethereum_2
      Ethereum Infrastructure Provider Down: Exchanges Halt ETH Withdrawals
    • eth_pyramid
      Report: PlusToken-Like Ethereum Ponzi Could Dump ETH Price
    Tags: DeFi Ethereum Ethereum (ETH) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Mandy Williams
    More posts by this author

    Mandy Williams is a freelance writer and a crypto fanatic. Mandy believes in the disrupting power of cryptocurrencies and blockchain technology; hence she's on a mission to help spread the good news about the crypto industry. She loves teaching and currently pursuing a career in marketing. Contact Mandy: Twitter

  • bitcoin
    BTC$48,941.00
  • ethereum
    ETH$1,542.43
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!