Currently, Ethereum value ranges from $440 to $470. Many on-chain indicators have noted that it’s coming really close to the high seen in December of 2017. That year, the value surged to $1400 in an unprecedented altcoin high. Will the same happen now?
Ethereum Value Growth In 2020
Times are good for digital currencies. Apart from bitcoin, several other cryptocurrencies are also seeing bullish results. As the value of bitcoin skyrockets, many are expecting that other altcoins like Ethereum will also see highs similar to 2017.
On 10th December, the price of Ether was recorded to be $450. And in just thirty-four days, its value rose to an unprecedented high. Previously, the value explosion, Ether continued to trade sideways for nearly 2 weeks. Taking historical and on-chain metrics and data into account, it looks like Ethereum will also follow similar bullish trends in the next couple of days.
The incredible value movements have given high hopes to investors that cryptocurrencies are going to experience 2017-like surges. However, we should note that even though price value is a very important measuring system, it doesn’t necessarily give us volume or network usage information. And so, to properly assess the amount and size of digital currency transactions, one has to look at transfer data and adjusted transactions.
As per sources, Ether has seen a total of transactions and transfers worth of $1.9 billion. It’s around a 46 percent increase from last month. It’s clear that Ethers value surge had a role to play in these results. It’s quite similar to the bullish trend of 2017.
In 2017, an estimated $830 million of Ethereum was transferred and transacted. As the month came to an end, the mark broke all records and rose to $2 billion. Experts are noticing strong connections between now and the bullish trend of 2017.
It is also important to look at daily active addresses to better understand the network and activity system. Even though it doesn’t give us the exact number of active addresses. It’s still a reliable source to understand the active usage of the network.
The Rise Of Digital Currencies
November’s received data shows that the peak was at 550,000 active users on a daily basis. It should also be noted that the activity in 2020 is much more vibrant and higher than what happened in 2017.
One reason for this level of activity is the fact that stablecoins and decentralized Finance have grown much bigger. Given everything, it’s quite possible that investors are going to be very happy with Ethereum.
In 2017, November saw an active user base of 200,000, which was a key factor in increasing the network addresses to 500,000 a day by the end of 2017.