Last week, the number of daily active Bitcoin addresses exceeded one million – for the first time since 2018. The growth of this indicator indicates that the bull run continues and is not going to end.
According to data unveiled by Coin Metrics, Ethereum could surpass its all-time high given that the bull market run continues. The data reveals that Ethereum has reached 626,000 daily active accounts – just 111,000 less than the all-time high marked in January 2018. Additionally, Coin Metrics notes that transaction fees have jumped up significantly over the same period. The report said, “Transaction fees continue to rise as well, which indicates growing demand.”
In a bull market, the Bitcoin network, like the Ethereum network, is overflowing with unconfirmed transactions. Miners are reacting to this situation by giving preference to transactions with higher fees. It worth noting, however, that when fewer transactions are conducted, transaction fees also decrease.
The report, which supports this theory, demonstrates that the Ethereum network generated more fees last week than the Bitcoin network – on average, daily fees on the network were at $2 million. But Bitcoin is catching up with its rival, as daily transaction fees on the first cryptocurrency network rose 67.4% over the week, in contrast with the 28.7% growth for Ethereum.
In addition, the market capitalization of both Bitcoin and Ethereum climbed to “new 2020 highs” after surpassing their March peak. At the time of publication, Bitcoin’s market capitalization was exceeding $217 billion, while Ethereum’s was around $44 billion.
The report shows that stablecoins are also on the rise. The market capitalization of stablecoins increased by more than $400 million to more than $11.5 billion.
