Ethereum Transactions Reach Over 900,000

[Pegasus]

Ethereum transactions have made a new recent high of over 908,000 this Thursday for the first time in more than a year.

If we ignore a brief blip in May 2018, we’d have to go all the way back to the peak of eth prices to find a similar level of on-chain activity.

Ethereum transactions, May 2019

After reaching a low of about 380,000 in February this year, ethereum transactions have been rising, reaching 700,000 on May tenth to then jump to a recent high of 900,000.

On-chain eth transfers have neared $1 billion, while exchange trading volumes have jumped to an all-time high of $13 billion.

Daily new eth addresses created have also jumped to 120,000, a significant rise from the 40,000 September low but quite a bit below the peaks of 300,000.

Ethereum active addresses have also increased to 500,000 a day, as has the hashrate. There has been one decrease however, which is positive. Uncle (orphan) rates have dropped to just 500 from the peaks of 2,000.

Such low uncle rates are while ethereum is not far off full capacity. Improvements in node clients has now made it possible to increase the gas limit which regulates how many transactions the network can handle.

Fees however are at about a penny, even while the network is handling such high volumes, with plans to increase capacity properly once state rent and potentially pruning goes out perhaps this autumn.

Finally, Google searches for ethereum are also increasing with some demand seemingly returning to eth.

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