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11 Signs From Analyst Spencer Noon That $ETH Is Going To Blow Past Its All-Time High

Jan 20 · 2 min read

The price of Ethereum (ETH) rose above the $1,420 level, breaking all-time high record. When the ETH price was at $600, Spencer Noon emphasized that the ETH will continue to rise with eight positive signs.

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Now Spencer Noon has come up with eleven signs that show Ethereum will continue to rise.

In a new series of tweets, the famous analyst explained why he thinks the Ethereum network and its price will continue to rise.

11 signs $ETH is going to blow past its all-time high 👇🏼

– Spencer Noon (@spencernoon) January 19, 2021

  • Ethereum continues to dwarf the cryptocurrency sector in terms of transaction fees. Noon said that on average, more than $7 million in transaction fees are paid daily on the Ethereum network, which is twice as much as BTC. This, according to the famous analyst, makes Ethereum the most useful network.
  • The number of large ETH transactions worth $100,000 and above is about 7 times lower than the ATH period in 2018. According to Noon, this suggests that, the whales are not yet involved in the game.
  • ETH hash Rate reached the all-time high record (313.12 TH/s). This shows that miners trust the network more than ever.
  • The number of daily active addresses on the Ethereum network has doubled since the beginning of the year to over 550,000.
  • The number of users in the Defi ecosystem hosted by Ethereum has increased to over 1.25 million. Ethereum continues to be a leader in the decentralized finance world in terms of network usage.
  • The total value of locked tokens on DeFi platforms has reached over $25 billion. The DeFi ecosystem is growing to contribute to Ethereum.
  • Ethereum network has about $22 billion in stablecoin supply. This means that stablecoin reserves in the network have increased by $20 billion over a 1-year period, making ETH network is more active than ever.
  • The monthly trading volume of decentralized cryptocurrency exchanges has reached over $ 30 billion. That means a 50-fold increase in the 1-year chart. The Ethereum network may soon rival the centralized exchanges known as CEX.
  • More than $ 20 billion worth of tokens were invested in lending protocols. The value of active loans rose to over $4.5 billion.
  • ETH is steadily flowing out of exchanges. Last week, even in just one day, there were $740 million ETH exit from exchanges. This indicates long-term investment.

Originally published at https://thecryptobasic.com on January 20, 2021.

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