When the cryptocurrency markets peaked back in late 2017, the price of one ETH soared to $1400. Then Ethereum took a huge hit along with the rest of the cryptocurrency market.
But as the markets start to heat up again, Ethereum could be in a much better position to scale and usher in mass adoption. On May 29th the Ethereum network broke its record for total daily gas used.
Yesterday, the Ethereum network broke its record for Total Daily Gas Used. pic.twitter.com/c4ybS3vcoQ
— ETHGasStation (@ETHGasStation) May 30, 2019
The Binance Research also wonders if the upward movement in transaction numbers and active addresses means a massive rise in price is in store.
A brief look into the Ethereum $ETH chain
– Active addresses reaching 10 month high
– Daily on-chain transactions reaching 12 month high
– Marketcap approaching 8 month high
Can ETH return to its former glory? pic.twitter.com/MDK6etAtLj
— Binance Research (@BinanceResearch) May 30, 2019
Ethereum’s momentum could be due to the impending arrival of Serenity, which will make the Ethereum network faster and more efficient.
Ethereum 2.0 will also put a Proof of Stake system in place for the network, another factor that could affect the price. Vitalik Buterin said the upgrade was nearly here.
“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”
And along with the development of the network itself, Ethereum is also hosting new projects like Nightfall.
“Nightfall integrates a set of smart contracts and microservices, and the ZoKrates zk-snark toolkit, to enable standard ERC-20 and ERC-721 tokens to be transacted on the Ethereum blockchain with complete privacy. It is an experimental solution and still being actively developed.”
In the short term, ETH is expected by most experts to rise in price along with the rest of the cryptocurrency market. But if the network can prove its ability to scale and support millions of new users, a return to new all-time highs wouldn’t be crazy.