Record-breaking figures hit Bitcoin when it hit over a million daily active addresses in the past weeks. This is a breaking high since January 2018, adding to the bullish market for the said cryptocurrency.
Meanwhile, some reports from Coin Metrics concluded that there is also underway to exceed the all-time high should the market remains bull in the coming days.
An estimate of 626,000 daily users from Ethereum is noted in the time given. With this, it has only fallen short of just 111,000 short of the all-time high set on January 16, 2018. However, the report is still leaning towards the growth in network transaction fees during the same period.
Furthermore, the “transaction fees also continue to rise which signals increasing demand for block space”, the report ended.
A situation like when bulls are aggressive, both Bitcoin and Ethereum are starting to tally unconfirmed exchanges.
The report, which appears to confirm this higher transaction fee theory, reveals that the Ethereum network generated more from fees than the Bitcoin network in the past week.
On average, the second-largest cryptocurrency is worth $2M worth of daily fees in the course of the opening of the month/ Still, it still outruns BTC, which is catching up.
From records, the daily transaction fees escalated to over 67.4% week-over-week vs to a 28.7% growth for
Furthermore, the market capitalizations of both bitcoin and ethereum surged to “new 2020 highs after breaking past the pre-March levels.” At the time of writing, bitcoin market capitalization is $215 billion while ethereum is at $45 billion.
Since early August, the report shows that stablecoins is slowly gaining momentum. The reports indicated that “tether supply has grown by over 400M to a total of over 11.5B.”
Nonetheless, the sudden growth can be attributed from its original form, the Tron version of tether which has shot up by around 250M since July 31.