Ethereum transactions “go parabolic” – ETH price approaches all-time high

Ethereum is now doing $ 3 billion more transactions than Bitcoin.

ETH 2.0 staking reaches $ 3.4 billion.

ETH prices rise by 8% and are approaching a new all-time high

Ethereum transactions are up around 50% this month alone as the network now handles more than Bitcoin. ETH prices have their own “moon shot” as the asset approaches a new all-time high.

According to the latest data from Messari, Ethereum transactions rose to a record $ 12 billion in January. This number is a 30-day moving average that took off around New Years Day.

Researcher Ryan Watkins describes the trend as „parabolic“ and adds that Profit Revolution scam is now processing $ 3 billion more than Bitcoin per day.

The big move has been attributed to stablecoin transactions, the majority of which are based on the Ethereum network. According to the Messari chart, the „flipping“ took place in July 2020 – shortly before the DeFi boom, which boosted transactions on Ethereum ( Instructions for buying Ethereum with PayPal ).

More reasons to be bullish on Ethereum

The sheer volume of financial transactions on Ethereum is just one reason to be bullish. Trust and investments in ETH 2.0 are increasing daily.

According to the ETH 2.0 launchpad, 2.59 million ETH are now staked in the beacon chain deposit contract.

At current prices, this is worth about $ 3.4 billion, equivalent to about 2.26% of total supply. The Launchpad estimates a 9.7% annual percentage return for stakers, but this number is likely to decrease over time as the number of stakers increases.

ETH 2.0 already has more validators than its “ETH killer” competitors, which makes the network fundamentally the most secure – and it’s not even fully operational yet.

The number of recent Layer 2 launches and platforms is also a reason to be bullish on Ethereum . The average transaction price is currently $ 6.70, according to BitInfoCharts, so faster and cheaper solutions are in great demand.

Optimistic Ethereum has just rolled out a soft mainnet start, while Synthetix and Loopring are already offering L2 liquidity mining and transactions.

Ethereum price is approaching new highs

Ethereum prices have soared in the past 24 hours and are up 7.5% since the same time yesterday. According to TradingView, at the time of this writing, ETH was changing hands for $ 1,350, only about 8% off its all-time high.

The charts also show that ETH shot up to $ 1,400 on January 10, but was unable to maintain that level.