Ethereum Network Approaching New 2019 Highs, Can ETH Return to its Former Glory?
- Ethereum Price reaches new 2019 high at $290 only to drop down to $240
- Active addresses reaching 10 months high
- Daily on-chain transactions reaching 12 months high
- Market Cap approaching 8 months high
Ethereum price is enjoying 2019 just like many other cryptocurrencies. From April, it started surging, going from $140 to $190 and then in May, it rode a monster rally that saw it riding from $158 to about $290.
— Credible Crypto (@CredibleCrypto) May 30, 2019
The second largest cryptocurrency by market capitalization made a new 2019 high yesterday at $290 just as BTC touched $9,000. However, BTC lost more than $1,000 since then and in tandem, Ether has fallen to $240.
Unless all of these clout chasers out right now I won't pretend I shorted this.
Just took big fat profit at the top from longing it all the way up.
I legitimately think we'll get to rebuy ETH sub 200.
Curious about how well this ages. pic.twitter.com/F6mTNURbIH
— DonAlt (@CryptoDonAlt) May 30, 2019
ETH/USD is currently trading at $252 with 24-hours loss of nearly 10 percent while managing the daily trading volume of $808 million, as per Messari’s Real 10 volume.
Ethereum Network Growing
It’s not just the price that made new highs, the Ethereum network is making new records as well.
The market cap of the cryptocurrency that follows the price has reached $29 billion from the low of $8.7 billion in December 2018. This level was last hit on September 1st, 2018. In January 2018, when price climbed to its all-time high at about $1,448, the market also reached $131.4 billion.
If we take a look at the Ethereum chain, the active addresses is reaching 10 months high. In early January 2018, active addresses made their all-time high at 1.1 million which hit its yearly low in June at 114k.
Since February 2019, these active addresses have been climbing upwards reaching 521k on May 29th, a level last hit in July 2018.
Ethereum transactions are also making a new 2019 record as it reaches 12 months high. Dropping down to the lowest in February at 381k since November 2017, it kept on going upwards to 947.5k on May 29th which was last hit in May 2018. In January 2018, the transactions hit their peak at 1.35 million.
Apart from the growing price and network health, Ethereum has also managed to capture the interest of big giants like Amazon, Coinbase, Citigroup, Fidelity, Google, HTC, Microsoft, Overstock, and Samsung among others.
We are in a bull market and Ethereum has been leading many of the bull runs we saw in 2019 that coupled with interest from big names from mainstream industries and developers working on the network means ETH would see its glory days yet again.