Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Source: Xiaocong Blockchain
Since the beginning of 2020, due to the halving effect, the price of Bitcoin has significantly increased by nearly 30%. At the same time, the second largest currency by market value also surged by over 47%, which seems to have sparked a wave of optimism.
It is worth noting that price is not the only indicator of significant growth in Ethereum this year.
Since the beginning of the year, the average transaction size of ETH has increased by 122%, and the number of large transactions has increased by 169%
According to IntoTheBlock data, the average transaction size on the Ethereum network has increased by over 122% since the beginning of the year. The following figure shows the average transaction size of the Ethereum network from January 1, 2020 to February 2, 2020.
Although the average transaction size of Bitcoin has also increased (+73%), it is far behind Ethereum. The following figure shows the average transaction size of the Bitcoin network from January 1, 2020 to February 2, 2020.
In addition, the number of large transactions on the Ethereum network increased from 130 on January 1 to 350 on February 2, an increase of 169%.
The following figure shows the number of large transactions on the Ethereum network from January 1, 2020 to February 2, 2020.
Of course, the significant increase in ETH prices may make the performance of these indicators not surprising. However, it is worth noting that the trading performance of Ethereum derivatives is also very eye-catching.
Ethereum Derivatives Trading Performance Highlights
Skew data shows that the daily trading volume of Ethereum futures increased significantly in mid January.
In addition, since the beginning of this year, the cumulative open positions of Ethereum Futures have also shown steady growth. The following figure shows the total open positions of Ethereum Futures.
How will ETH's future market go?
As for the future trend of ETH, cryptocurrency analyst CryptoEinstein pointed out that Ethereum's closing price over the past week has been above $168 (a key level of asset liquidity). He added that for the first time in the past two years, Ethereum has seen six consecutive weeks of positive returns, and he tends to believe that Ethereum's bull market has been confirmed.
Fxstreet analyst Ken Chigbo said that bulls must break through and close above the weekly resistance level of $195 to withstand greater upward pressure.
ETH/USD daily chart
Trader Josh Olszewicz pointed out that due to a bullish technical outlook, Ethereum may rebound to $555 this year.
Cryptocurrency trader Alex Dovbnya points out that despite everyone hyping about the upcoming halving of Bitcoin, Ethereum may eventually become the dark horse of 2020.
u. The Today article states that although some people may believe that ETH may lead a new bull market, they seem to have forgotten that in February last year, ETH prices surged 56% in less than a month, but still recorded losses at the end of the year.
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