Investors are bullish as Ethereum (ETH) has processed $ 6.2 trillion in transactions in the past 12 months
Ethereum has traded $ 6.2 trillion in the past twelve months, according to data analytics firm Messari. What’s more impressive is that this number is up over 350% compared to the previous 12 month period.
Source: @RyanWatkins_ on Twitter.com
Messari researcher Ryan Watkins signed the tweet with the words: “[it’s] probably nothing. “
“In the past 12 months, Ethereum has processed $ 6.2 trillion in transactions.
That number is up 369% from 2020 and was fueled by a strong third quarter with Ethereum trading $ 1.5 trillion.
However, the data suggests that the Ethereum economy is getting stronger. Despite the limited impact of the London upgrade, the intensification of competition from other smart contract platforms, and the chain split bug in late August.
Nonetheless, the Ethereum chain is pushing ahead in a display of tenacity, some might even speak of sheer stubbornness.
Ethereum is rising despite the problems
September was a difficult month for Ethereum. It lost 22% against the dollar from start to finish, finding support at $ 2,750 for the last week of the month.
Source: ETHUSD on TradingView.com
However, a key break above the $ 3,180 resistance on October 1 showed that investors had not lost confidence and bought the break when the opportunity arose.
Still, September is a month best to forget. For one, the London upgrade, which went live on August 5, was designed to stabilize gas charges. But fee peaks in September show that the upgrade is not effective.
Last month Cardano introduced Alonzo and brought smart contract functionality to the chain. While it’s just beginning to build its ecosystem, fears of “eating Ethereum’s lunch” are rampant.
A recent chain split caused by a hacker exploiting a coding bug also raised concerns about the security of Ethereum.
However, Mati Greenspan, the founder of Quantum Economics, downplayed these incidents. He said there was no doubt that these factors had “an impact on the speculative side.” However, he pointed out that September was a challenging time for the entire crypto market as a whole.
“But don’t forget that Ethereum has done pretty well so far this year and the entire market seems to be in a consolidation right now. So I wouldn’t try to read too deeply into these short-term movements. “
How does that happen?
Twitter user @robdogeth posted his thoughts on why Ethereum continues to push up. He argued that Ethereum has become the most efficient economic system known.
Addressing a number of factors such as transparency, no regulation and globalization, he concluded by saying that the chain has become the first choice for capital suction as institutions move from legacy to crypto.
“A black hole for capital
With tremendous growth, efficiency and talent, there is an abundance of opportunities to deploy capital. Private investors and institutions ditch their old pockets on crypto, and once your money is sucked into crypto there is no reason to leave. “
Given questions about the soundness of the protocol, high gas fees and increasing competition, it makes no sense for Ethereum to be where it is.
But since when was crypto logical?
The post-investor bullish of Ethereum (ETH) processing $ 6.2 trillion in transactions in the past 12 months first appeared on CryptoSlate.
Source: Investors optimistic as Ethereum (ETH) processed 0.2 trillion transactions in the past 12 months