Ethereum network activity experienced 48% growth.
Ethereum’s network activity continues to grow. According to the data, network activity has caught up with the growth rate of the price. The growth in network activity is the main support of every Ethereum rally.
While this data can be misleading with assets fueled by pure speculative interest, it can be a good indicator for tech-intensive assets like Ethereum, Solana, and Cardano.
Network growth, on the other hand, is considered a lagging indicator and is used to confirm bullish cycles. The first recent decline in Ethereum’s network activity occurred at the end of October, followed by a 6% correction.
NFT and defi generated nearly $100 billion and more than $1 billion in revenue, respectively, in 2021. Ethereum continues to approach Bitcoin’s market cap with the growth of these two industries and the strong inflow of funds into the cryptocurrency market.
Ethereum has been up 50% since the beginning of October. Ethereum, which has gained 31% in the last 30 days, is trading at $ 3,601 at the time of publication.