Ethereum Crosses $3800 As Metrics Suggest That Run Is Far From Over

Ethereum’s insane rally continues and the world’s largest smart contracts platform has finally breached $3800. It’s now up over 93% in the past month and 10% in the last 24 hours alone. It is explained by a couple of narratives converging together around the blockchain, including but not limited to DeFi, NFT, EIP11559, the grand merger between Eth1 and Eth2 etc. One analyst predicts an astronomical $150K per ETH price, because of all these developments in the long run However, all the other metrics also signal that this run is far from over and likely to continue for quite some time.

Ethereum (ETH) Past 24 Hours Performance - CoinGecko
Ether (ETH) Past 24 Hours Performance – CoinGecko

Ethereum Is Now The 19th Most Valuable Entity

According to Companies Marketcap, Ethereum is now the 19th most valuable entity in the world with a $446B marketcap. It’s right behind JP Morgan Chase at number 18th with a $488B, though that fort is likely to fall soon. The other important targets in the vicinity are Samsung, Visa and the precious metal Palladium. Bitcoin – the premier crypto asset is at rank 8 with a marketcap of $1.10T.

Ethereum Occupies Rank 19 Currently – Companies Marketcap

Ethereum Is Unmatched In Fees Generated And Value Settled Metrics

Though, this is largely customary at this point. Ethereum is still unmatched in the fees generated – an excellent representative of the user interest, demand and their willingness to pay to use the blockchain. The world’s most valuable blockchain generated a total of $18M in fees, convincingly edging out Bitcoin which accumulated $5.7M in the same time-frame. With EIP1559, this fees will be used to burn ETH tokens, directly impacting price.

Crypto Fees Generation – Crypto Fees

On a separate note, Ethereum still occupies the top spot in the money moved and value settled metrics. It’s a representative of how much settlement occurs on each chain. Ethereum leads this metrics by a wide margin too, settling $33.12B in value over the past 24 hours against Bitcoin’s $14.99B. Now, the metric was recorded with the inclusion of all stablecoins and wrapped assets on the blockchain. However, even excluding all of them and counting only ETH token itself, Ethereum settles over $20B in value.

Ether Locked In DeFi And ETH2 Are Growing

According to DeFi Pulse, there are currently 10.8M Ether (worth over $41B) token, currently locked in DeFi based smart contracts. The number has been steadily rising and the total DeFi marketcap has reached a massive $81B! These locked ETH tokens are removed from supply and likely to have a possible impact on price.

The Eth2 deposit contract or the Beacon Chain shows a similar story. Currently, it holds around 4.2M ETH (worth over $16.2) earning yield and securing the new Ethereum 2.0 blockchain. These deposits can’t be removed and are effectively locked from the circulating supply, until Eth1 and Eth2 merger. The numbers here also show a positive trend as more validators are encouraged to lock in their ETH tokens for a lucrative yield, which is appreciating over time.

Ethereum Unique Accounts Are Rising

Ethereum unique accounts have been rising too. These are new accounts created, which previously didn’t hold any balance. It’s a measure of new users that the blockchain is starting to onboard. The unique addresses currently stand at 150.76M, up from 150.57M yesterday and 96.60M an year ago. This points to the growing popularity of Ethereum and massive influx of new users.

Ethereum Unique Addresses – yCharts

DeFi, NFTs, Layer2s, DAOs ETC.

Unfortunately, the data doesn’t show the whole story. Besides having the largest developer base and the most users, Ethereum has been showing leading progress in Decentralized Finance (DeFi), Non Fungible Tokens (NFTs), the Layer 2s deployment and adoption, Stablecoins, Decentralized Autonomous Organization (DAOs) etc. It’s something which can be seen in the usage number of projects on Ethereum and their activity levels over time.

Where’s Ether Headed? $10K Or Somewhere Far Beyond?

An analyst @SquishChaos might have the answer. In his recent 79 page report, detailing the three Bitcoin halvenings equivalent Ethereum halvening, the analyst noted a price target of $30,000-$50,000 in the not so distant future and an astronomical $150,000 per ETH prediction in a speculative frenzied severe mania by 2023! By this logic, Ethereum would long become the most valuable entity in the world, surpassing the current crown holder Gold at $11.6T. Would that happen? Sure, let’s see!

Ethereum Price Analysis
Ethereum Price Analysis© Cryptoticker

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