On-Chain Data Shows Ethereum Usage Has Rocketed, Boosting ETH’s Bull Case
Analysts say that the increasing usage of the Ethereum network is rocket fuel for the cryptocurrency underlying the network, ETH or Ether. The founder of Mythos Capital, Ryan Sean Adams, explained that over the past four years, the price of ETH has been closely correlated with the transaction fees Ethereum users pay.
The increase in Ethereum usage is far from the only positive catalyst currently affecting the underlying market for ETH. The founder of MakerDAO Rune Christensen, for instance, said that Ethereum through DeFi will attract “all value” in the cryptocurrency space: Adding to this, the first phase of the Ethereum 2.0 upgrade will go live.