One all-time high was hit by Ethereum on Tuesday, January 19th, when it reached $1,400 according to the Bitstamp exchange's data. These are the factors Noon sees as advantageous for Etherereum to climb a new peak.
1) One all-time high was hit by Ethereum on Tuesday, January 19th, when it reached $1,400 according to the Bitstamp exchange's data. These are the factors Noon sees as advantageous for Etherereum to climb a new peak.
2) Ethereum's leadership in paid transaction fees. $7,25 millions volume in 7 days shows the high demand for its network services. It's even 1,7 times bigger than Bitcoin's volume. therefore, Ethereum is the most often used network at the moment.
3) Whales and institutional investors haven't entered the game yet. We can see it from the amount of big Ethereum transactions which is 7 times lower than it used to be in 2018, when Ethereum hit its historical maximum. What makes this news good? Ethereum is approaching its ATH without them, and when they come (have no doubts, they will), the game becomes really big.
4) Ethereum's network hash rate hit its historical maximum and now makes 313,12 TH/s. This means miners are very confident in what they're doing.
5) The amount of Ethereum addresses that are active on the daily basis increased twice. The 90-day moving average reached its peak around 500 000.
6) The amount of De-Fi users who use Ethereum network grows exponentially. It's already 1,25 millions of them.
7) The volume of assets locked in DeFi is now more than $25 billions. In some projects more than $100 millions are locked. It's already 21 projects with such a big capitalization. Noon thinks this is a new milestone for the ecosystem that makes it convenient for institutional investments.
8) In 2019, $2 billions stablecoins were produced in the Ethereum network, and in January, 2021 it's already $22 billions.The supply of decentralized platforms increased 50 times in a year. Now it's more than $30 billions, and this level can be compared with those of centralized platforms.
9) Lending protocols received about $20 millions from users, and the portfolio of crypto loans increased up to $4,5 billions. Noon is sure that it's because people finally started trusting DeFi crediting.
10) Users withdraw their assets from the centralized platforms. In the beginning of year 2021, they withdrew $730 millions. Noon thinks it's the sign of stockpiling Ethereum.
11) Investors locked 2,57 millions ETHs in Ethereum 2.0's deposits. This brought Ethereum 12th position in capitalization top, and, as Noon supposes, means that users are sure in a successful protocol's upgrade.
Read also How China deals with cryptocurrencies.
Noon's statements sound quite logical, even the seemingly contradictory reason No.2. Why seemingly? There are signs that tell us about the institutional investors' interest in Ethereum starts growing. Dan Tapier, the founder of DTAP Capital, is sure that they will become the power to push Ethereum beyond its all-time highs.ll-time highs.