Will there be a flipplining in transaction volume? The gap between Ether & Bitcoin’s on-chain transactions has reached an all-time low.
The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that Ether is poised for gains.
The amount of Ethereum transacted on the blockchain daily has grown from an average of 3.85 million in July to 4.75 million in August, recording a 5-month high of 7.74 million on Tuesday.
The chasm between Bitcoin and Ethereum’s transaction volume has been growing for several months now. Ethereum’s daily on-chain transaction volume was 60% that of Bitcoin’s, after hitting an all-time low of 0.6 on August 30th. This marked the lowest transactional disparity ever recorded between the two largest Blockchain networks.
This increase in on-chain transaction volume comes at a cost. ETH transaction fees are once again approaching record highs, with an average fee of $5.83 registered on Monday, August 31st. In fact, the transaction fees on Ethereum have been soaring all throughout the past month; in August, the average daily transaction fees amounted to $3.68 million, compared to just $1.08 million the month before — a 240% increase.
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The fee hike is precipitated in no small part by the growing popularity of decentralized financial protocols and yield farming platforms. Overall, the total value locked in DeFi has more than doubled over the last month, soaring from $3.99 billion at the start of August to $8.28 billion today.
Over the past 14 days, the combined balance of the largest ETH addresses not owned by centralized exchanges has grown by an additional 886,560 ETH (~$350,000,000 at current prices), indicating renewed confidence in the coin’s short-term price potential among some of its major investors.
Read the full newsletter edition here to get the entire scoop, complete with charts and images.
Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.
We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.
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