Author: Slamak Masnavi
Source: Crypto Valley
On Tuesday, Spencer Noon, an investor in Crypto currency-focused investment company DTC Capital, explained on Twitter why he thought “we will usher in a new ETH bull market.”
1. The number of Ethereum active addresses increases
“Ethereum now has 380,000 active addresses (90-day moving average window), which is unprecedented in two years.”
2. Increased demand for Gas
“Today, the amount of Gas used on the Ethereum platform is 60 billion, and the demand for Ethereum block space has never been higher.”
3. ETH is a necessary asset to maintain the Ethereum network
“Ethereum is a market that maintains network stability through payment of transaction fees in addition to BTC. The market value of ETH fees has reached $ 426,000 in the past 24 hours, which is 237 times higher than the latter.”
4. Increased market demand for stablecoins (and most of them are still stablecoins issued on Ethereum)
“Stable coins with a market value of US $ 7 billion have now been issued on Ethereum, of which 4 billion have been marketed due to the issuance of stablecoins in the past 3 months, which shows the strong demand for Crypto dollars in the market
5. DeFi users increase
“There are now 178,000 DeFi users on the network (or 90,000 in the previous 5 months), which indicates that Ethereum’s largest use case is beginning to move toward a parabolic shape?
6. The amount of USD locked by the DeFi project is increasing
“There are currently 7 DeFi projects with a market value of more than US $ 30 million AUM (or 6 last year), which shows that the Ethereum ecosystem is maturing at a very rapid rate.”
7. ERC-20 WBTC locked USD scale increase
“Since May 1, the system has created a $ 25 million WBTC market value, which shows that Ethereum has a strong appeal for all assets, starting with BTC.”
8. Increased popularity of ETHE (Grayscale Investment’s Ethereum Trust)
“In the past three weeks, 1 million shares of ETHE were issued, which means that institutional investors are either investing in ETH or locking their assets in Ethereum at a rate of $ 1 million per day.”
9. After “Black Thursday”, the outflow of ETH on the centralized exchange is greater than the inflow
“After Black Thursday, ETH showed a large-scale net outflow from the exchange, that is, 62% of the days showed a net outflow, which indicates that users are holding and accumulating ETH.”
10. The usage of the Ethereum network is increasing
“Ethereum has 850,000 transactions per day, compared to 580,000 in early February this year. From another perspective, 850,000 means that the current daily transaction volume of Ethereum is three times that of BTC, which indicates the use of the Ethereum network The volume is increasing. “
