Ethereum transaction volume increased more than 100% in the last 24 hours


A recent tweet from the cryptanalysis firm Glassnode, made clear the recent increase in transaction volume at the Ethereum Blockchain.
According to the revealed graph, almost 100 thousand ETH have been traded in the Blockchain of the most important altcoin of the market, registering an increase of 114% with respect to the volume of the previous day, which registered a little more than 46 thousand ETH transferred.

The graph of the average daily volume in Ethereum also shows a recovery of the levels traded in the chain, since last June 14th the lowest value in a month will be registered.

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Although activity is still far from the peak recorded at the beginning of the current month, the truth is that from a broader perspective, the average transaction volume at Ethereum is generating a lateral pattern of performance parallel to the price of the Ether throughout the month of June.

With a price already above USD 240, Ethereum has seen a significant increase in quantitative indicators in recent days. Glassnode’s analysis indicates that the block chain is showing new quantitative records for increasing the balance in the purses, an increase in the number of ‚whales‘ and a reduction in active supply, all of which are signs of an upward trend.

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In addition, Glassnode points out that new purse addresses are generated every day in the Ethereum block chain. In the last 30 days alone, Glassnode reports a four percent increase, with more than 96,200 active addresses in that period.

Rate increase: a headache
On the other hand, the rising price of gas – transaction fees – in the Ethereum chain remains a headache for many users. Since last June 9, the price of gas has increased x3.5 times, when it went from an average of 35.7 GWEI to about 122.09 GWEI in the same day, an increase which has been the subject of discussion in many Twitter threads about the need for scalability in the network.

In this regard, Vitalik Buterin, creator of the Ethereum, has mentioned through a tweet on his personal account, that the smaller miners in the Ethereum block chain are rejecting the gas limit at this time, although it is not known if this is for convenience or for real opposition to the high rates and the increased block size.