Ethereum fundamentals showing strong growth, healthy on-chain metrics

Ethereum seems to be having a great year so far with some fundamental metrics hitting multi-month highs over the past week. Everything from the number of transactions per day to amounts raised via token sale are getting closer to all-time highs, which points to a steady increase in the platform’s popularity.

Ethereum’s on-chain metrics the highest they’ve been in months

Although ETH prices are down 85 percent since its all-time high in December 2017, Ethereum seems to be recovering better than many other cryptocurrencies. Apart from a steady rise in the price of ether, the network has seen every single one of its on-chain metrics increase in the past few months.

While some of these improvements follow the overall improvement in the crypto market stemming from the recent bull market, most are a direct result of an increased interest in Ethereum itself. According to data from Etherscan, the number of on-chain transactions per day has increased to almost 910,000 in the past week—up from a yearly low of 430,000 in February.

ethereum transaction chart

The average transaction value per day has also significantly increased to almost $1,000, up from the yearly low of $388 in February.

The increase in the number and average value of transactions has also led to a decrease in transaction fees. The average transaction fee now stands at around $0.17, which is lower than it has ever been in 2018.

Data shows bull market already here, but dApps lag behind the progress

According to data from CoinMetrics, the number of monthly active addresses on Ethereum reached a new nine-month high. Monthly active addresses (MAA) are up from their yearly low of 192,000 in February to nearly 310,000 in May. This is still down from January last year when there were over 580,000 MAAs.

ethereum active addresses

However, regulatory tension around coin offerings has had a direct impact on the ecosystem. CoinSchedule found that there has been a decrease in ICOs this year; by June 5, 133 ICOs raised…

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