Ethereum Network Activity, DeFi Still Rising, When Will ETH Price Grow?

Fundamentally, Ethereum moves from strength to strength. Network activity is active, development is on the way, an update is imminent and DeFi is reaching record numbers. Still, ETH prices have fallen again, what is happening?

Ethereum Network Strengthens

Despite the FUD bargaining between Bitcoin maximalists and rival network supporters, Ethereum remains the second largest crypto asset for good reason. There are many ways to measure the state of the network, with the hash rate one and the activity second.

According to research conducted by Blockchain Analytics, more than 70,000 new addresses were created on the Ethereum network in the last 24 hours. In addition, there were approximately 245,000 active addresses that prove that things are still working well.

A summary of last month’s activity at Ethereum also reinforces things for the overall health of the network. Positive metrics include more than 9 million blocks mined in Ethereum, 15.6 million addresses with zero account balance and a solid increase in the use of DAP, including a record number of ERC-721 transactions in Ishtar, a popular game of digital commerce It is.
One of the most important developments in November was the MakerDAO protocol update that created a multi-collateral DAI, which now accepts Ether and Basic Totention Token (BAT) as a guarantee for the generation of Dai.

DeFi breaking record

Despite a 50% drop in the total capitalization of the crypto market in the last six months, decentralized finances based on Ethereum continue to grow.

The total amount of ETH blocked in the DeFi protocol reached a record high of more than 2.7 million. Slightly more than the record of the previous week. This is approximately 2.5% of the entire supply. In terms of USD, it is more than $670 million.

Why is ETH Dumping?

At the moment, the only positive thing about Ethereum is not its price. According to Tradingview.com, Ethereum has again dropped to $150. A few hours ago, ETH was dumped to $147 before a small stretch while struggling to stay.

Since last month, ETH has lost almost 20%, as it digitally surpasses its older brother. On a bright note, the asset is still quoted 37% more than the previous year. During those long and cold crypto winter months, ETH fell to a minimum of $ 85.

Countdown says that Istanbul is less than five days away and will present 6 EIPs, related to network security and gas cost reduction. However, the important point is that the update is the precursor to a major change for ETH 2.0, since the early stages of Serenity can start working.

The Ethereum roadmap may be delayed, but development is still advancing and the network is still strong. So the current value of the token is by no means an indication of the overall picture.