According to crypto analytics firm, Glassnode, the value of Ethereum is on fire. With prices flying off exchanges at record rates, it's no wonder that investors are excited about this digital currency.
The crypto analytics firm noted that exchanges had a one-day moving average net outflow of 65,319.938 Ethereum, which is an all-time high.
The previous all-time high for that metric was 58,072.356 ETH, which occurred in May 2016.
The price of ETH has been on an upward trend lately, with the crypto asset up nearly 3% in 24 hours and more than 31% over seven days. It is currently trading for $1,576.
Net outflows could signify that the market is accumulating Ethereum, and people may want to hold onto their tokens for a while before selling them off.
The glassnode team has noticed that the seven-day moving average for Ethereum's outflow volume recently hit a 13-month high, at 29.8229996 ETH.
Additionally, according to the analytics firm, Ethereum's balance on exchanges reached a 4-year low of 19,101,804.604 ETH.
The number of transactions involving Ethereum has been on an upward trend recently. It recently reached a 1-month high of 48,609.702.
The number of Ethereum holders reached an all-time high on Thursday with 84,264,124. In addition, the number of Ethereum addresses holding 1+ ETH reached an all-time high of 1,559,794 this week.
Despite the recent bullish run, Ethereum is still down nearly 68% from its all-time high.
These data further highlight the growing interest in operating on the Ethereum network, which requires interested parties to manage ETH funds using different products, protocols, and services.
Two sectors that have seen a great boom throughout this year on Ethereum have been the NFT and DeFi, in which large amounts of capital moved that NFT and DeFi, in which large amounts of capital moved that even rival other more traditional sectors.
However, the large user base and the notable increase in the volume of transactions make it increasingly necessary to implement solutions to address the problems associated with the high costs of operations and the increasingly frequent congestion spikes in its network. . Therefore, second-layer solutions that seek to alleviate Ethereum have gained much relevance.
On the other hand, the Ethereum team continues to work to bring the long-awaited update to its network as soon as possible, which would propose operational changes to improve the scalability and operation of its Blockchain. This is expected to occur between 2022 and 2023, as long as there are no significant problems during the development and testing period.