- ETH surges higher and breaks over key resistance levels
- Ethereum metrics suggest it would skyrocket soon
- Ethereum bullish fundamentals
Ethereum News Today – The digital currency market is currently booming, with the majority of coins in the market trading deep in the green. Cryptos are still trading far below their all-time highs. However, analysts are being bullish on Bitcoin (BTC), Ethereum (ETH), and other top digital currencies. The bull case of Ethereum was proven recently with a metric indicating that the ETH network has seen considerable growth over the past few months, which is likely to surge higher in price with time.
Ethereum Metric Suggest It Would Skyrocket Soon
A crypto buff recently shared a chart of ETH on Twitter. He noted that the growth of the Ethereum network is on an upward trend. According to the chart, the number of new addresses created every day defines the growth of the network. According to the chart, that number has recently increased to levels not seen since the major bull run of 2019.
Ethereum (ETH) Price Today – ETH / USD
Ethereum's network growth is on an upward trend. pic.twitter.com/rsjGAA0Ura
— Adam Ship (@AdamSophrosyne) January 8, 2020
Although the growth of the network in terms of new addressed may not seem to be related to the price of the digital currency on the surface, the chart of the user shows that there is an obvious correlation between the two metrics, with the growth in new addresses seemingly outpacing price action. Because of this historical correlation, the sharp growth seen in the metric could suggest that the second-largest digital currency by market cap has an impending massive uptrend, an uptrend that may push it over the $200 and $300 levels.
Ethereum Bullish Fundamentals
It is not exactly clear what is pioneering the massive increase in the address count on the network, but there seems to be a couple of theories. One of these theories is the rise of Decentralized Finance (DeFi). According to data, digital assets worth $667.3 million, including about three million ETH, are locked in DeFi apps on the blockchain. The considerable increase in the address count of Ethereum comes hot on the heel of the revealing of other bullish factors that may only drive the demand of ETH and ERC tokens in the future.
A few hours ago, there was an announcement that Stephen Dinwiddie is launching an Ethereum-based bond that represents himself. In a tweet on January 10, the Brooklyn Nets player said:
“The Spencer Dinwiddie bond launches January 13. I will also be taking 8 fans to ASW with me.”
He wants to issue the bond on the blockchain of Ethereum. According to the announcement, a digital transfer agent will be in charge of the bond. All this indicates that the demand for the second-largest digital currency in the world could increase in the future.