Amid a strong recovery, Ethereum price was lagging behind Bitcoin’s spectacular rally that reached new all-time highs during the last couple of weeks. At the time of writing this article, Ethereum’s price is at the $300 level again. Still consolidating.
But this week, Ethereum is making history, not at a price level but rather at another aspect of its performance: Ethereum transaction number hit the highest level to be ever recorded on a public Blockchain. Higher than ever achieved by Bitcoin.
The chart below compares:
- Bitcoin All time transactions
- Ethereum All time transactions
- Litecoin All time transactions
This is an important development for Ethereum future value and investors should be keeping an eye on how the Cryptocurrency reacts to this. We have published last week an important article on how there is an all time high in Ethereum transactions and that it was happening at a crucial time for Ethereum price. A time where it is trying to break an important resistance level.
This is also happening at a time where Bitcoin itself is undergoing an important and very much followed upgrade to improve its scalability. That’s why watching the reactions of the Cryptocurrency community will provide clues as to the future of both Ethereum and Bitcoin. We will be looking and sharing reactions from miners, programmers and even exchanges to assess the impact of this important development so stay tuned.
As for investors and traders, their reaction will probably be a but delayed given the technical aspect of the news.We will know soon if the fact that Ethereum’s transactions number has not only achieved an all time high but also beats Bitcoin’s all time high is going to help break the $325 wall for another leg up.
The chart is from bitinfocharts.