Cryptocurrencies

3 metrics that indicate Ethereum (ETH) is in the same state as in 2017 – Cryptocurrencies

Like bitcoin, Ether is also experiencing a considerable increase in its value at the end of the year. Altcoin eventually broke the $ 500 mark quickly and may continue on this uptrend. A situation not unlike that of December 2017 when its value quickly reached $ 1,400. By comparing the price movements of each of these periods, some indicators seem to indicate a resumption of the same scenario.


Indicators with similar values ​​or even higher than in 2017

The first of the indicators identified is that of amount of daily transactions and notional transfers which is provided by Coinmetrics. The data shows a total of $ 1.9 billion in transfers and transactions an increase of 46% compared to the previous month. Worth $ 830 million in November 2017, the indicator had crossed the $ 2 billion mark at the start of the following month, or a pattern identical to that currently observed. Another equally important indicator, the daily number of active addresses also makes it possible to assess the activity of the network.

The comparison with the figures recorded in 2017 at the same period is this time much more important. In fact, the number of active daily addresses in November 2017 stood at 200,000 against more than 550,000 currently. An important difference which could be explained by the high use of DeFi and stablecoins on the network. Finally, current trade volumes are up 50% from October. With a total of $ 1.3 billion, this indicator is also within the same margins as those observed in December 2017.

Reasons enough to consider an Ether at $ 1400 by the end of the year

In any case, this is the feeling that emerges from the analysis made by specialists by observing daily active addresses, theoretical transactions / transfers and the volume of current exchanges. The fact that three different indicators related to the evolution of the value of the asset follow the same trend as in 2017 would be more than a coincidence for many observers.

In the current state, it would therefore be necessary a bullish movement close to 300% to witness the realization of such a scenario in such a short time. In fact, it only took 34 days at the time for ETH to go from 450 to $ 1,400. Bets are now open to know what event could trigger such a development in the market.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Like the current predictions on the ongoing bull run with bitcoin, the Ethereum community also expects it has caught up to its famous all-time high. The advent of the two events would not fail to coincide again as in 2017. As we say so well Wait and See.

Tags

Related Articles

Back to top button
Close
Close