Ethereum on-chain transactions hit a record high, with prices rising to $3,700

In July, the total on-chain transaction volume of Ethereum exceeded $238 billion, a month-on-month increase of 70%, reaching the highest level since December 2021. The number of network transactions also set a new record, reaching 46.67 million, surpassing the historical high from May 2021.

The 7-day moving average transaction volume on the Ethereum network reached 1.64 million transactions, close to the historical record of 1.66 million transactions. Meanwhile, the number of active addresses reached 17.55 million, the highest since May 2021.

Driven by this series of positive data, the price of ETH rose to $3,700 at the end of July, setting a new high in years.