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The active addresses of Ethereum have reached a two-year high.The gas consumption of the network is at an all time high.The stock market outflows have increased, indicating a peak of the ETH-accumulation.
Bitcoin may have encountered resistance and could be heading for a longer Phase of consolidation in the lower levels. Ethereum, however, is perhaps on the verge of another bull market, since the indicators and signs in the Chain continue to improve.
In a longer Thread on the head of DTC Capital, Spencer Noon (@spencernoon) has published, several Charts and figures that paint a very bullish picture for the Ethereum network.
The first sign is an increase in the active ETH-addresses, which have now reached over 380,000 pieces. Glassnode also reports that there are now 40 million ETH, which have a part of the digital Assets. This represents an increase of 350% since the peak of the Ethereum price at the beginning of 2018.
The Ethereum network of”Gas” is also used to record levels, which is a sign that the demand for Ethereum-block area has never been higher.
In addition, the issue of stable coins on the Ethereum network high is at an all-time, since it is now over 7 billion dollars were reached 4 billion dollars have been spent in the last four months.
Also, the use and development of DeFi is on the upswing, and Ethereum is the backbone for the emerging decentralised financial landscape.
Noon indicates the following:
“Since the 1. May were marked $ 25 million in WBTC (wrapped Bitcoin) – a sign that Ethereum will be to an economic vacuum for all assets, starting with Bitcoin.“
There are several other metrics in the Thread – including increased investment in institutional funds, such as the ETH-funds of gray scales. The foreign exchange outflows have increased, suggesting an accumulation of, and the transactions have risen since the beginning of the year to almost 50%.