Transactions Volume on Ethereum Network Reaches November 2021 Levels
In the last week, the daily transaction volume on the network of the second largest cryptocurrency by capitalization has increased from 1.1 million to 1.3 million, which is similar to the levels seen in November 2021 when the price of the asset was trading at a historic high of over $4,600.
During this same time period, the value of transferred transactions on the blockchain network has also increased from $2.8 billion to $4 billion.
Despite positive developments for Ethereum, the price has only risen by 1.9% in the last 24 hours, currently trading at around $2,570 (according to CoinGecko).
However, there is a risk of a potential correction as the supply volume is currently at 91.5%, which is comparable to levels seen in mid-2021. The presence of significant unrealized gains in the short term could have a negative impact on the price of ETH, as it could lead to a wave of selling.
In response to the network’s increasing demand, Ethereum co-founder Vitalik Buterin has proposed increasing the gas limit to improve network throughput.
