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As Ethereum has made its way to all-time highs over the past 24 hours, a number of onlookers believe Ether could quickly break through the $ 1,400 price bracket.
Ethereum’s strong foundation reinforces belief that Ether could overcome resistance amid $ 1,400, with many pointing to Ethereum’s ever-expanding DeFi ecosystem as the force most likely to propel ETH into the discovery of price.
January 19, Spencer Noon of the Crypto VC fund variant sharing According to him, 11 indicators suggest that a parabolic bull run is near. He stressed the fact that more than a million Unique addresses have t interacted with DeFi in the past eight months.
Noon adds that DEX monthly volume is currently at an all time high of over $ 30 billion, while more than $ 20 billion has been deposited into DeFi lending protocols – of which more than $ 4.5 billion was issued as currently outstanding loans.
Beyond DeFi, Noon also points out that Ethereum is the leading blockchain network in terms of daily fees generated – beating BTC by over 50%; the number of daily active Ether addresses has doubled in the last 12 months to reach all-time highs of 550,000; and that almost $ 20 billion Stable coin value has been minted on Ethereum in the past year.
The thread notes that more than $ 25 billion is currently locked in DeFi, adding that 21 decentralized funding protocols now represent at least $ 100 million in total locked value each.
# 1: Ethereum continues to eclipse the entire crypto space in terms of fees paid ($ 7.25 million per day on average) – proving that it is the most useful network in the world. pic.twitter.com/t7Co50GukJ
– Spencer Noon (@spencernoon) January 19, 2021
Despite the surge in Ethereum fundamentals, Noon notes that the number of Ether transactions valued at over $ 100,000 is Seven times smaller than at the January 2018 summits, which suggests that “institutions still have not entered the game”.
On the same day, Token Terminal, an analysis platform that uses traditional financial metrics such as P / E to examine crypto markets, tweeted a chart of Ethereum’s “price / sell ratio” with the caption “This time it’s different”.
This time it’s different pic.twitter.com/4pfqAnvm9n
– Token terminal (@tokenterminal) January 19, 2021
The chart shows that the price of Ethereum relative to network-generated fees is reaching historically low levels, suggesting that the market may be extremely undervalued. However, the responses on Twitter challenge the applicability of using the metric to Ethereum, noting that Ethereum’s “sales” include fees that are collected by miners.
Messari also shared data indicating that Ethereum’s daily transaction volume now exceeds Bitcoin’s by 28%.
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