On-chain Transaction Volume On Ethereum Reached Record High In December 2018

UK-based Crypto Trading Platform is Launches Ethereum Futures Contracts


Ethereum was one of the cryptocurrencies that suffered the most during the bear market. The price of the cryptocurrency fell from its all-time-high of almost $1500 to as low as $80. Apart from the bearish pressure in the market, the decline was supported by the ICO frenzy. Many of the projects that were built on the Ethereum blockchain ended up being scam projects. Some others succeeded but somehow reduced the value of blockchain. There was also the issue of competing blockchains that offer smart contract compatibility with better scalability.


Ethereum (ETH) Price Today – BTC / USD
#NamePrice24H %
2
ethereum
Ethereum(ETH)
$147.23
-0.75%


In December, the price of Ethereum started to rise against the USD ahead of the Constantinople fork. It was able to move higher than $150 before the end of the year. Unfortunately, there was some panic in the market that led to a sell-off. The price fell to the $120 level just some days before January 16, the scheduled day of the fork. Unfortunately, the fork didn’t hold and the price fell more against the USD. New reports from Diar show that the on-chain transaction volume of Ethereum spiked in December.


Ethereum On-Chain Transactions Peeked In December 2018


In December 2018, the on-chain transaction volume on Ethereum reached an all-time-high of 115 million. This doesn’t include any activity on the Ethereum Classic blockchain. Part of the report was as follows:“Per transaction on-chain, Ethereum was relatively stable since October between 16 to 17 million on a monthly basis.”


The USD equivalent of Ethereum on-chain transactions is at a 22-month low at $815 million compared to $1.1 billion in 2017. The report continued:
“There was a 97% drop in on-chain transaction value between January and December 2018. This was mainly due to the price decline that affected the entire market.”


The report states that network fees will most likely not interrupt with the rate at which on-chain transactions are rising because they are relatively low. So, developers will have no problem paying them.


Ethereum Constantinople Fork Delayed


The Ethereum constantinople fork was delayed for the second time on the 15th of January when a security audit firm, ChainSecurity found a security vulnerability on the system. The firm announced that the upgrade would make gas cheaper on the network and hackers may be able to exploit it. The side effect of the upgrade allows hackers to reentrancy attacks on Ethereum smart contracts and steal as many tokens as they want.


While no case was reported at the time, the lead developers of the project decided to postpone the fork until after they fix the problem. The fork was subsequently rescheduled to take place in February 2019. However, some developers who didn’t get the information on time went ahead with the fork and this caused a network spilt. The bad thing is that those developers will not earn any real ETH from mining on the new chain.


Ethereum (ETH) Price Analysis


At the time of writing, the price of ETH was trading at $117.41. This shows that it is up by 4.48% against the USD and up by 0.42%. The trading volume is $2,314,705,516 over a 24 hour period while the market capitalization $12,270,171,451.


What do you think? Will the price of ETH reach previous highs?

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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