The rise in the price of Ethereum (ETH) continues. The price of the largest altcoin has increased more than 110 percent since the beginning of the year. This causes the questioning of whether the last rally in Ethereum’s price has been achieved through speculative purchases.
According to the data provided by crypto analytics company Glassnode, Ethereum’s impressive price movements are accompanied by increased foundations. In just a week, the number of active Ethereum addresses increased by 26.7 percent, while the number of ETH transactions increased by 20.77 percent.
In the last 7 days:
Active addresses are up 26.7%
Transaction count is up 20.77%
— glassnode (@glassnode) February 14, 2020
On the other hand, the use of “gas”, which represents the fee required to trade on the Ethereum network, has reached its highest level since September.
In the light of all this, it would not be wrong to say that Ethereum’s price has nothing to do with speculative purchases. The same goes for the biggest cryptocurrency Bitcoin (BTC). There was a significant increase in the number of newly created addresses in Bitcoin, which exceeded $ 10,000.