The latest talk around the crypto market is not on Ether, but the sudden drop in prices after Bitcoin met strong rejection at the long-awaited $9000 value.
As usual, an altcoin tumble followed with most of the top coins losing anywhere between 5-15%. What catches the eye, though, is that leading altcoin, Ether (ETH) which has made remarkable turn since the start of the year has stayed above the $250 support.
At the time of writing this report, ETH was exchanging hands at $254 (-9%) with a market cap just above $27 billion. Despite the loss, though, the fundamentals indicate that the altcoin could be in for some massive growth in the future.
Ethereum Gas Usage Hits All-Time High
For newbies, Ethereum Gas is the unit used to calculate the amount in Ether that a user has to pay for transactions on the Ethereum blockchain. (You can learn the difference between Ethereum, Ether, and ETH here).
On May 29, the Ethereum network broke its record for total daily gas usage, a stat that easily represents an increase in the number of transactions taking place on Ethereum.
The May 29 figure of 49.3 million gas usage on the Ethereum network does not only beat the July 2018 high of 45.3 million but also represents the second time in May that Ethereum’s gas usage crossed 49 million.
Distinct Ether Addresses Sees over 10% Growth
An increase in the number of unique ETH addresses is another fundamental that shows Ether could continue to see growth once a market reversal begins.
Data from Etherscan.io shows that the number of unique ETH addresses has more than doubled since the 2017 all-time high.
As of January 1, 2019, there were only 54.3 million addresses, but the number at the time of writing this report stood at 65.8 million, an over 11 million increase in less than five months.
Network Utilization Hits New All-time High
Another fundamental pointing to the massive adoption of the Ethereum network includes the fact that the utilization ratio which was 91.9% on May 30, is now less than the 95% recorded during the start of 2018.
Interestingly too, the network utilization ratio hit an all-time high of 96% earlier this month (May 7), highlighting increased activity on Ethereum.
Moving away from the strengthening fundamentals and back to the market, it is not surprising that Ether (ETH) has made a quick rebound in 2019.
The ETH price at the start of the year was $136 meaning that when it touched the $273 mark yesterday, the altcoin had doubled its value or in other words made a 100% returns.
With the crypto bulls still lurking despite yesterday’s defeat, there is still a significant chance that Ether (ETH) will hit new highs in line with its increasing adoption rate.