The on-chain transaction volume of Ethereum in July reached a record high in nearly 4 years with over 238 billion USD, an increase of 70% compared to the previous month.
Ethereum also recorded the highest number of transactions and active addresses since 2021, contributing to pushing the ETH price to 3,700 USD – a multi-year high.
MAIN CONTENT
The on-chain transaction volume of Ethereum in July increased by 70%, exceeding 238 billion USD.
The number of transactions and active addresses peaked since May 2021.
ETH price reached a high of 3,700 USD, a level not seen in many years.
How much on-chain transaction volume did Ethereum achieve in July, and what does this number mean?
The on-chain transaction volume of Ethereum in July reached over 238 billion USD, up 70% from June – the highest level since December 2021. This figure shows that Ethereum maintains strong appeal in the cryptocurrency ecosystem, driving significant capital into the network.
This reflects the increased activity of traders and decentralized applications (DApps) on Ethereum. The near 4-year record is evidence of the platform's vibrant vitality after many upgrades and technological improvements.
How have the number of transactions and active addresses on the Ethereum network changed?
In July, the total number of transactions on the Ethereum network reached 46.67 million, up 3.6% from the all-time high (ATH) in May 2021. The number of active addresses also hit 17.55 million, the highest since May 2021.
The 7-day moving average (7DMA) of transactions reached approximately 1.64 million, nearly matching the record of 1.66 million in May 2021, demonstrating a stable and vibrant trading activity on the network. This growth is seen as a reflection of the recovering interest of users in DeFi and NFT products based on Ethereum.
The significant increase in transaction volume and active addresses shows that Ethereum is not only maintaining its position but also developing sustainably in the current cryptocurrency environment.
Cryptocurrency market analyst, August 2023 report.
How does Ethereum's growth impact the ETH price in July?
The ETH price at the end of July reached 3,700 USD, the highest in many years. This is the result of the growth in transaction volume, strong network activity, and investor confidence in Ethereum's potential for development.
These positive updates are supported by market reports indicating continuous capital movement and abundant liquidity on the platform. As a result, the ETH price receives strong momentum, reflecting expectations for new projects and the next scalability of the Ethereum network.
Frequently Asked Questions
How is the on-chain transaction volume of Ethereum measured?
On-chain transaction volume is calculated by the total value of cryptocurrency transferred through the Ethereum network over a specific period, reflecting the scale of activity.
What does the number of active addresses indicate about the Ethereum network?
The number of active addresses reflects the level of interaction and users utilizing the network, demonstrating the vitality of the Ethereum ecosystem.
How is the ETH price related to on-chain transaction volume and the number of transactions?
Increased volume and transactions often create higher demand for use, thus raising the ETH price due to positive sentiment and better liquidity.
How important is the 7-day moving average (7DMA) of transactions?
7DMA helps reduce noise, showing a more stable and actual trading trend compared to single-day data.
Is the ETH price of 3,700 USD a record high?
This price is the highest in recent years, not yet an absolute ATH but indicates a meaningful growth trend.
Source: https://tintucbitcoin.com/ethereum-dat-khoi-luong-giao-dich-240-ty/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to always stay updated with the latest news about the cryptocurrency market and not miss any important information!
