Ethereum blockchain recorded 516,697 transactions in the last 24 hours which earned around $31k in fees for the miners. The volume of on-chain transactions was just above $163 million and the volume traded on exchanges was more than $2 billion.
Milestone: 50 Million Registered User Addresses
Ethereum is enjoying a significant achievement. According to the latest data from Etherescan.io, Ethereum has surpassed 50 million unique addresses.
While the value of Ethereum’s native token Ether has fallen 90% since January this year, the platform continues to grow. On average, the network sees at least 70K new registered addresses on a daily basis, which is a quite high number. Ethereum is one of the fastest growing blockchain platforms.
Ethereum (ETH) has broken the descending triangle in the chart above. This is being seen as the beginning of a new trend and investors are already flocking towards Ethereum (ETH) to get on board before the next bull run. The last two years were about new ICOs entering the market. Most of those ICOs raised funds by accepting payment in Ethereum (ETH). That new funding helped ETH/USD reach a new all-time high back in December 2017. Ethereum (EHT)’s own prospects were also very bright back then and it had little to no competition in its space.
Since Monday the price moved up by 30% and is currently sitting at $110 meaning it broke to resistance levels at $97 and $99 and $105. If it maintains this uptrend, it could reach $115. Should that level be broken, the next stop is $120, crossing that will spark a bull run.
Volumes: Increasing, Bullish
ETH/USD was range bound and oscillating within a tight $17 range with floors at $83, gains above $100 have ignited buyers aiming at $160. But this is subject to the level of market participation. Ideally, the breakout above $120 should be accompanied by above-average volumes.
New ICO ‘s Likely To Push ETH to All-Time High In 2019
Ethereum (ETH) has ceded its market share to its competitors. Platforms like Cardano (ADA), Ethereum Classic (ETC), Lisk (LSK) and Quantum (QTUM) are some of its direct competitors that claim to do what Ethereum (ETH) can and a lot more. However, there are other reasons to believe that this cryptocurrency may rise to its all-time high in 2019.
Ethereum (ETH) might not be the hottest investment in the market. However, as a cryptocurrency to raise funds for ICOs, Ethereum (ETH) has not yet lost its place. As the bear market draws to an end, a lot of new ICOs are preparing to flood the market. This means that a large chunk of crypto investors will be buying into Ethereum which will eventually drive up demand in the near future.
As long as the market stays net long, we will continue to see new ICOs entering the market. With the upcoming bull market, Most of these ICO companies will not cash out anytime soon.
Ethereum (ETH) has now bottomed out against Bitcoin (BTC) and has already started to recover. The weekly chart for ETH/BTCshows that the price is ready to rally hard against Bitcoin (BTC) in the weeks ahead.
It is very likely that Ethereum (ETH) might see a retest of its previous all-time high within the next twelve months. It might also reach a new all-time high by 2020. However, the 50x or higher gains that we have seen in the past may not repeat again.