While Excitement Around Ethereum Continues To Increase, Transaction Volume Soars Significantly

December 6, 2020 1:08 PM UTC

 

Amid the DeFi boom, the Ethereum network saw a massive wave of activities, which at courses examined the technical boundaries of the network. According to the most recent analysis, Ethereum transaction volume surged by over 1,780% compared to last year. 

Based on the DappRadar report, transaction volume amounted to $41 billion in November. Decentralized finance (DeFi) protocols have a major contribution of 99% in this volume, as users invested billions of dollars into non-custodial financial offerings.

The researchers said, “While overall activity mostly decreased in the DeFi dapp ecosystem in terms of headline, figures there were still important events taking place. Important mergers happened during November.” 

Number of Ethereum Addresses Hit an All-Time High 

While the network activities keep climbing up, the number of crypto wallets holding at least single ETH has also rallied to hit an all-time high. According to data from Glassnode, there are 1,175,681 Ethereum addresses. 

Furthermore, the report reveals that the number of Ethereum wallets holding a single asset or more has surged by over 12% in the last few months. Although figures are not much promising, however, it shows growing enthusiasm for the second largest crypto asset.

Likewise, the price of ETH jumped almost 9.5% in the past week to hit the $600 mark. According to data from CoinMarketCap, ETH is currently trading at $594. The price of Ethereum has accelerated following the Bitcoin bull run, which began in October. After blasting its record price of about $19,500, set in 2017. The price of Bitcoin is $19,115 at the time of reporting.

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