Ethereum came into existence on August 2015 and by 2017 had risen the ladders of crypto patriarchy. A research firm that helps investors learn about crypto perfomance took a look at Ethereum’s on-chain activity and this is what they found out:
Ethereum on-chain activity is similar to on-chain activity during the 2017-2018 bull run.
Data from Singapore-based crypto research firm Xangle pointed out Ethereum’s current on-chain activity is similar to trends before the crypto market boom in 2017. Despite these similar trends however, Ethereum has failed to post the same bullish perfomance in 2020, as demonstrated in 2018 when Ether hit its all time high.
A Xangle research analyst Jehn Kim highlighted on the firm’s recent report on Decentralized Finance (DeFi) Q2; that Ethereum’s blockchain recorded approximately 62% transaction volumes, following a 52-week high that closed on the 23rd of July. The reported stated transaction fees roughly increased to 688%. Kim emphasized that ethereum’s prevailing on-chain activity hugely resembled bullish price actions during the 2017 - 2018 bull run. This is the period when Ethereum attained its all time high of $1,396 before wobbling down to between $500 - 600 and further downwards. After this period, the crypto market fell under the spell of a 3-year bear market and most investors speculated even lower prices.
Kim noted that Ethereum’s on-chain activity should be reconsidered as an indicator for assessing the coin’s perfomance.
“Ethereum’s on-chain indicator activity needs to be reconsidered,”
Nonetheless, the pricing of the Ethereum market is way lower and different from 2017-2018s bull run. 2020’s Q2 has been marked by supposedly yearly lows characterized by an altcoin bloodbath that kicked off in March this year.
On the other hand are stablecoins and Decentralized Finance (DeFi) tokens that are transforming blockchain transaction fees , pushing them to two-year highs. For the very first time, surpassing those of bitcoin. Meanwhile, the amount of daily and weekly transactions have not yet closed-in towards the ATH of 1,349,980 during Q2; and only passed 1,000,000 in 2020 around the end of June.
