With Ethereum pushing its way to new all-time highs over the past 24 hours, a number of onlookers believe that Ether could rapidly climb through the $ 1,400 price bracket.
Ethereum’s robust fundamentals bolster the belief that Ether could overcome the mid-USD 1,400 resistance, and many point out Ethereum’s ever-expanding DeFi ecosystem as the force likely to drive ETH to price discovery.
On January 19, Spencer Noon of crypto VC fund Variant shared 11 indicators he says suggest a parabolic bull run is imminent. He pointed out that more than a million unique addresses that I have communicated with DeFi over the past eight months.
Noon adds that the monthly DEX volume is currently at a record high above $ 30 billion, while more than $ 20 billion has been poured into it DeFi Lending Protocols – of which more than $ 4.5 billion has been issued as currently outstanding loans.
Looking beyond DeFi, Noon also highlights that Ethereum is the best blockchain network based on fees generated daily – beating BTC by more than 50%; the number of daily active Ether addresses has doubled in the last 12 months to its all-time high 550,000; and that almost $ 20 billion stablecoins were struck on Ethereum last year.
The thread notes that more than $ 25 billion is currently locked in DeFi, adding that 21 decentralized financial protocols now each represent at least $ 100 million in total locked-down value.
# 1: Ethereum continues to shadow the entire crypto space in terms of fees paid ($ 7.25 million daily avg.) – proving it to be the most useful network in the world. pic.twitter.com/t7Co50GukJ
– Spencer Noon (@spencernoon) January 19, 2021
Despite Ethereum’s rising fundamentals, Noon notes that the number of Ether transactions valued at more than $ 100,000 seven times smaller than during the January 2018 highlights, suggesting that “settings are still not included in the game.”
On the same day, Token Terminal, an analytics platform that uses traditional financial metrics such as P / E to research crypto markets, tweeted a chart of Ethereum’s “price / sales ratio” with the caption “this time is different.”
This time it is different pic.twitter.com/4pfqAnvm9n
– Token Terminal (@tokenterminal) January 19, 2021
The chart shows that the price of Ethereum in relation to the fees generated by the network is bottoming out – suggesting that the market may be extremely undervalued. Reply to Twitter to challenge the applicability of using the statistic to Ethereum, noting that the “sale” of Ethereum includes fees collected by miners.
Messari has also shared data showing that the daily amount of Ethereum transactions now surpasses that of Bitcoin by 28%.