ETH Metrics Suggest the Cryptocurrency’s Upsurge
Recently, analysts are showing bullish moves anticipation for ETH, Bitcoin, and other mainstream digital currencies. These analysts are using a metric that suggests the overall growth of Ethereum’s network in recent months. Such metrics indicate an incline in the Ethereum’s price in the future.
On the 8th of January 2020, a Twitter user shared a chart showing Ethereum’s growth is on the upside. Network growth gets defined by the number of new addresses created per day. Since the top of the bull run in 2019, Ethereum’s network is increasing enormously.
The chart shared by the Twitter user shows a distinct correlation between the number of new ETH addresses and the crypto’s price. From the chart, the address count comes before the price action. Based on such historical correlation, the metric of ETH’s network growth suggests the utmost upside potential in the future, towards $ 200 and $ 300.
Theories Addressing ETH Upsurge Based on Address Count
Various theories explaining the sudden growth of Ethereum address count are available. One leading theory is the creation of the DeFi platform. DeFi pulse’s statistics revealed $667.3 million worth of cryptocurrencies locked in decentralized platforms, with less than $3 million Ether.
In other news, Stephen Dinwiddle, Brooklyn Netplayer, is launching an Ethereum-based bond representing him. The net player partnered with Carlos Domingo to execute the launch. As per Domingo, issuing the bond will be on the Ethereum blockchain, and its management will be by a digital transfer agent.
The earlier mentioned theories and metrics all suggest possible increased demand for ETH’s future, creating a case for price increments if demand is higher than the supply.