Ethereum Network Is Getting Closer To 1 Million Transactions A Day
- Ethereum transactions are close to 1 million per day
- The whole network is recovering from last years’ bear market
The Ethereum (ETH) network seems to be performing very well in terms of the number of transactions that it’s currently processing. The second largest blockchain platform in the market is approaching 1 million transactions per day, according to data provided by BitInfoCharts.
Ethereum Transactions Reach New Highs
As the crypto market expands and the community changes the sentiment to positive, blockchain networks are becoming more used than before. This can be seen in Bitcoin and Ethereum. The second largest cryptocurrency has reached almost 950,000 transactions a few days ago, and the trend is clearly to the upward. However, this remains far from the 1.35 million transactions that the network registered in January 2018.
At the same time, Bitcoin transactions are reaching new highs in over a year. A few weeks ago, Bitcoin registered 452,000 transactions. However, there is a difference between Bitcoin and Ethereum. While Bitcoin transactions reached a bottom in April 2018, Ethereum network activity continued falling until almost a year later in February 2019.
Since February, the number of transactions on the Ethereum network grew by 150%. This is the same level as in February 2018 with the exception of a sudden peak in May 2018. Since February, Bitcoin transactions grew by 35%.
Ethereum is also recovering after falling below $100. This sharp decline in the price of Ethereum was related to the fact that there were several startups and Initial Coin Offerings (ICOs) selling their digital assets in order to cover operational costs. At the same time, this drop was accompanied by a price decrease in Bitcoin (BTC).
One of the fastest growing sectors of the Ethereum ecosystem is Decentralized Finance (DeFi), which consists of Ethereum-based peer-to-peer lending products such as MakerDAO or Dharma, among others.
At the time of writing this article, Ethereum is being traded around $257 and it has a market capitalization of $27.37 billion. In the last 24 hours, Ethereum lost almost 10 percent of its value due to a large drop in the price of digital assets.
Ethereum seems to be recovering from the bear market in economic terms. Its network could be processing 1 million transactions a day in the near future. This is the same value as the network registered in February 2018.