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…

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