Analytics Firm Glassnode: Ethereum Transaction Volume Is At its Highest Level in the Last 5 Months!


Together with the increase in the number of DeFi projects in recent years and the rising popularity of NFTs Ethereumthe demand for it has increased significantly.

Ethereum’s Rising Performance

To the Ethereum network, which has performed a number of successful updates, EIP-1559 a new incineration mechanism was introduced with. Ethereum began to significantly reduce its supply with this introduced ETH burning mechanism, and therefore acquired a deflationary structure. In addition, the development of DeFi and NFT projects october also largely on the Ethereum blockchain, ETHgreatly increased the demand for As a result of a number of positive developments, Ethereum has recently started to show a higher price performance.

Ethereum, the second largest cryptocurrency in the ecosystem in terms of market capitalization, has reached an all-time high more than once in a short time december, recording high rates of value increases and refreshing its record. Ethereum, despite the general declines in recent days, managed to maintain the support level of the 4.150 dollar by trading at the 4.000 dollar levels, although it retreated somewhat.

Increased Trading Volume of Ethereum

Ethereum Despite the depreciation, which caused it to decline from the 4.860 dollar levels to the 4.155 dollar price levels, it continued to record high transaction volumes. Analytics firm Glassnode announces that Ethereum transaction volume has reached its highest level in the last 5 months:

“Ethereum’s transaction volume (7d MA) reached a 5-month high of $ 391,959,437.60.”

In addition Glassnodeaccording to the data of, there have been 3 million ETH outflows from crypto currency exchanges. Most of the comments made on social media about the issue were that ETHs were transferred to cold wallets in line with the expectation of a long-term rise.

The information contained in this article absolutely does not contain investment advice. Investors should know that crypto currencies have high volatility, so they carry risks, and they should conduct their transactions in accordance with their own research.

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