Ethereum (ETH) has experienced a significant surge in network activity, reaching levels close to those seen in 2021. This uptick in activity has been attributed to a variety of factors, including the ongoing ETH treasury frenzy, stablecoin and tokenized stocks narratives, and recent scaling upgrades like Pectra.
According to on-chain data, daily transactions on the Ethereum network have surpassed 1.2 million, nearing all-time highs. This surge in network activity has coincided with the implementation of scaling upgrades, leading to lower gas fees and transaction charges on the chain.
Ethereum developer Arjun Bhuptani has linked the increase in network traction to the recent scaling upgrades, noting the current low-cost gas fees on the chain. This positive development has been echoed by Tom Lee of Fundstrat, who views the network traction as a net positive for ETH’s value, citing the platform’s increasing utility.
Market buzz surrounding Ethereum has been evident on-chain, with stablecoin market cap and weekly engagement reaching record levels. Additionally, speculators have shown increased interest in ETH, with traders boosting their long positions amidst a bullish trend.
Despite these positive indicators, ETH recently faced rejection at $2.6K after a jump from $2.3K earlier in the week. At the time of writing, the altcoin was valued at $2.52K. However, analytics firm Ecoinmetrics noted that ETF demand for ETH has lagged behind spot BTC ETFs, citing a lack of a clear narrative for ETH compared to Bitcoin.
While spot ETH ETFs have attracted over $4 billion in cumulative inflows since their debut, BTC ETFs have garnered over $30 billion, nearly 7 times more than ETH. This divergence in institutional demand has been attributed to the clearer narrative surrounding Bitcoin compared to Ethereum.
In conclusion, Ethereum’s renewed market interest has been evident on-chain as traders FOMO in, but institutional demand still lags behind BTC. Moving forward, ETH’s utility and network activity will continue to play a crucial role in determining its value and market performance. The COVID-19 pandemic has brought about unprecedented challenges and changes to the way we live and work. As the world continues to grapple with the effects of the virus, businesses are finding new ways to adapt and thrive in this new normal.
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