According to the data analysis company the tracksEthereum has stabilized at $6.2 trillion over the past 12 months. Even more impressive is that this number is up over 350% compared to the previous twelve-month period.
Messari researcher Ryan Watkins signed the tweet saying:[it’s] Maybe nothing.”
“In the past 12 months, Ethereum has settled $6.2 trillion in transactions.
This number is up 369% compared to 2020, and was supported by a strong third quarter as Ethereum settled $1.5 trillion.
However, the data indicates that the Ethereum economy is going from strength to strength. Despite the limited impact of the upgrade in London, competition from other smart contract platforms intensified, and the chain split error in late August.
However, in a show of stubbornness, some would say absolute stubbornness, the Ethereum chain continues to push.
Ethereum rises despite problems
September was a tough month for Ethereum. From start to finish, it lost 22% of its value against the dollar, finding support at $2,750 during the last week of the month.
But the decisive break above the $3,180 resistance on October 1 showed that investors did not lose confidence and bought into the dip when the opportunity presented itself.
However, September is the best month to forget. First, the London upgrade, which took effect on August 5, was supposed to stabilize gas fees. But the fee hike in September shows that the upgrade is not fit for purpose.
Last month, Cardano rolled out Alonzo, bringing smart contract functionality to the chain. While it is still early days in terms of building its ecosystem, fears of “ethereum lunch” are rife.
Also, the recent split in the chain caused by a hacker exploiting a coding flaw has led to renewed concerns about the security of Ethereum.
However, Matty Greenspan, founder of Quantum Economics, played down the significance of these incidents. He said there was no doubt that these factors led to a “speculative side effect”. However, he noted that September was a difficult period for the entire crypto market.
“But don’t forget that the value of Ethereum has skyrocketed so far this year and the entire market appears to be consolidating at this point in time. So I won’t try to read too deeply into these short-term moves.”
How does this happen?
Twitter user Tweet embed He posted his thoughts on why Ethereum continues to rise. He put forward the argument that Ethereum has become the most efficient economic system known.
He touched on a range of factors, such as transparency, deregulation, and globalization, and concluded by saying that the chain has become the preferred choice for capital absorbers as institutions shift from legacy to crypto.
“black hole of the capital
With exponential growth, competence and talent come many opportunities to invest capital. Private investors and institutions are tossing their old bags for cryptocurrency, and once your money is sucked into crypto, there’s no reason to leave.. “
With questions about the safety of the protocol, high gas fees, and stiff competition, it makes no sense for Ethereum to be in place.
But since when did coding make sense?
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