Ethereum has been trading at a level unseen since July 2019. Since the beginning of the year, ETH has doubled its valuation and at press time, it was priced at $272. While Ethereum just broke a critical resistance, it is not just the coin’s price that is on the rise.
Ethereum’s network usage has been rallying too. In terms of active addresses, Ethereum reached a level unseen since September 2019. The number of active addresses was up by 26.7% while the transaction count also increased by 20.77%.
Crypto analytics firm, Glassnode, noted strong fundamentals in terms of gas usage which reached a four-month high on the chart.
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The last time Ethereum’s gas usage hit an ATH was in September 2019. During this time, a significant portion of the gas usage originated from the consummation of non-standard contracts and from Tether. This also reignited debates surrounding the network’s gas limit. Moreover, transaction activity also portrayed a similar picture. In line with this, Glassnode had earlier revealed,
“More than 25% of transactions were used to move Tether last week, up from less than 1% in June. While $ETH transfers are at around 30%, smart contract interactions make up ~45% of recent transaction counts [many in DeFi].”