Ethereum Network Activity Reaches All Time High As Price Stalls
If there was ever any doubt that the Ethereum blockchain was the single most dominant force in cryptocurrency, recent weeks and months will have had it quashed.
Ethereum Price: $202.27
Ethereum Price (BTC): 0.022782BTC
ETH Leveraged in DeFi: 2.65M (2.39% of circulating supply)
Market Cap: $22.47B
ETH Network Dominance: 50.75%
7 Day Candle: $211.49 / $215.56 / $191.37 / $202.27
The Ethereum blockchain is beginning to snowball, picking up a tempo that is quite frankly overwhelming and challenging to keep pace with. Fortunately, the sheer enormity of what is going on can be summed up and visualized by Ethereum’s daily gas used; a metric that signals demand for the Ethereum blockchain and one that hit a new all time high on May 23rd.
Image credit: Etherscan.io
This growth in gas used follows the issuance of stablecoins on Ethereum (to the tune of ~$4 billion) and the continued growth of decentralized financial applications that are seeing tens of thousands of transactions each day.