Ethereum Transactions Spike as Price Rises

ethereum transactions spike oct 18 2020

Ethereum has seen a spike in transactions yesterday as pictured above, jumping to 1.2 million from 1 million. It’s now not far off from the all time high of 1.4 million, but what is interesting is that the transactions spike came before the price rise. Ethereum rose from about $360 to spike more recently towards $375 before a very slight retrace. Suggesting an obvious correlation between transactions and price with transactions in this case briefly leading. More interestingly, the spike in transactions corresponds to a rise in ERC-20 transactions, suggesting it may be tokens pushing the price up. Close to one million token transfers are now happening daily on ethereum for more than a month. Suggesting that rather than a spike, new continuous demand for the ethereum network has entered the market, most likely due to decentralized finance (defi). That’s especially the case as this rise in token transfers began…

Read the original article here