In recent days, ETH transactions and mining activities in the Ethereum market by ETH whales, professional traders, and ETH Miners, show that daily transactions and total ETH gas recorded are being broken.
Data obtained from Santiment Research company’s Twitter feed revealed that “the number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-year single day high of 486,000 addresses! The last time Ethereum’s address activity was this high was on May 5th, 2018.”
The number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum's address activity was this high was on May 5th, 2018. ?? https://t.co/Dh6jyQ2v1X pic.twitter.com/XsQB1jmx07
— Santiment (@santimentfeed) June 30, 2020
The Ethereum network showed high activity by Ethereum miners as “the total ETH gas used on the Ethereum blockchain reached a new all-time high this past week, coinciding with the vote by $ETH miners to increase the block gas limit by 25% (from 10million to 12.5million).”
The total $ETH gas used on the #Ethereum blockchain reached a new all time high this past week, coinciding with the vote by $ETH miners to increase the block gas limit by 25% (from 10M to 12.5M). https://t.co/2reYBOryez pic.twitter.com/9Yhb3qDFfL
— Santiment (@santimentfeed) June 29, 2020
“The increase in gas usage indicates a continuous growth in the use of Ethereum’s platform, as measured by the number of transactions, as well as demand for block space, as measured via gas per transaction,” said Wilson Withiam, research analyst at data provider Messari.
Gas is the token that energizes the Ethereum’s blockchain. It is the standard used to calculate the amount of charges an individual needs to pay in order to make transactions on Ethereum’s blockchain.
Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum is a decentralized system, fully independent, and not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing systems around the world, which means it’s almost impossible for Ethereum to go offline.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets and Ethereum staking.