Network Activity Soars 38% as dApp Volumes Break Records
The post Network Activity Soars 38% as dApp Volumes Break Records appeared on BitcoinEthereumNews.com.
TLDR Ethereum dApp volumes surged 38% in the last 30 days, reaching $3.54 billion Daily unique active wallets increased to 78.53k Gas usage is rising across DeFi, NFTs, and stablecoin transfers ETH currently trading around $3,114 with key resistance at $3,200 Technical indicators show neutral conditions with RSI at 59.35 Ethereum’s decentralized application (dApp) ecosystem has demonstrated remarkable growth in November 2024, with transaction volumes reaching $3.54 billion and showing a 38% increase over the past month. This surge in activity comes as the network’s native token, ETH, trades around $3,114. The number of daily unique active wallets (UAW) has climbed to 78,530, indicating growing participation across the network’s various applications. This metric represents a key indicator of ecosystem health and user engagement. DeFi protocols have emerged as the primary drivers of this growth, capitalizing on increased total value locked (TVL) as users engage more actively with lending and trading platforms. The sector’s dominance in gas usage underscores its central role in Ethereum’s ecosystem expansion. NFT marketplaces and blockchain gaming platforms have also contributed to the rising transaction volumes. These sectors continue to attract new users and generate consistent activity, despite the broader market’s mixed performance. Gas usage patterns reveal increasing demand across multiple transaction types. Recent data shows average gas fees hovering around 50 Gwei, reflecting the network’s growing utility. Historically, such increases in gas fees have often preceded notable price movements for ETH. The technical landscape for Ethereum presents a mixed picture. The 50-day moving average stands at $2,687, positioning itself above the 200-day moving average of $2,957. This configuration typically suggests an overall bullish trend in traditional technical analysis. Price action shows ETH consolidating near $3,114, with a crucial resistance level at $3,200. Breaking above this threshold could open the path to further upside movement. Meanwhile, the…
Filed under: News - @ November 21, 2024 12:26 pm