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10 Reasons to Be Bullish on Ethereum

source-logo  cryptoglobe.com 28 May 2020 09:30, UTC

On Tuesday (May 26), Spencer Noon, an investor at crypto-focused investment firm DTC Capital, took to Twitter to explain why he believes that "we're headed for a new $ETH bull market."

  • Growth in Ethereum's Number of Daily Active Addresses

#1: Ethereum has 380k daily active addresses (90-day MA) -- a figure not seen in over 2 years. pic.twitter.com/zRSqgpfzdo

— Spencer Noon (@spencernoon) May 26, 2020
  • Growing Demand for Gas

#2: More than 60 billion gas is now being used on a daily basis -- a sign that Ethereum blockspace demand has never been higher. pic.twitter.com/WHdJqY5idN

— Spencer Noon (@spencernoon) May 26, 2020
  • Ether Is Needed for Ethereum Network Security 

#3: Ethereum is the only network besides Bitcoin that has a meaningful market for security paid in fees. ETH fees have totaled $426k in the past 24 hours -- more than 237x the next closest coin $XRP. pic.twitter.com/3CTBqXr5O5

— Spencer Noon (@spencernoon) May 26, 2020
  • Growing Demand for Stablecoins (And Most Are Issued on Ethereum)

#4: More than $7 billion in stablecoins have now been issued on Ethereum, including almost $4b in new issuance over the past 3 months -- a sign of major demand for cryptodollars. pic.twitter.com/prxZ0lKrow

— Spencer Noon (@spencernoon) May 26, 2020
  • Increase in the Number of DeFi Users

#5: There are now 178k #DeFi users, up from 90k only 5 months ago -- a sign that Ethereum's biggest use case is starting to go parabolic? pic.twitter.com/tocrYB37KT

— Spencer Noon (@spencernoon) May 26, 2020
  • Increase in Amount of USD Locked Up in DeFi Projects

#6: 7 different #DeFi projects have more than $30m AUM, up from just 1 project a year ago -- a sign that the ecosystem is maturing rapidly. pic.twitter.com/bvthjI4Qzo

— Spencer Noon (@spencernoon) May 26, 2020
  • Growth in Amount of USD Locked Up in ERC-20 Token WBTC

#7: $25 million of $WBTC has been minted since May 1st -- a sign that Ethereum is becoming an economic vacuum for all assets, starting with Bitcoin. pic.twitter.com/7wao5UvIfu

— Spencer Noon (@spencernoon) May 26, 2020
  • Increase in Popularity of Grayscale Investments' Ethereum Trust (ETHE)

#8: 1 million new shares of @GrayscaleInvest's $ETHE have been issued in the past 3 weeks -- a sign that institutions are either investing in $ETH or locking up their existing holdings at a pace of roughly $1 million per day.

— Spencer Noon (@spencernoon) May 26, 2020
  • More Ethereum Is Leaving Centralized Exchanges Than Going to Centralized Exchanges Since 'Black Thursday'

#9: Post-Black Thursday (March 12) there has been a net outflow of $ETH from exchanges, with 62% of days showing net outflows -- a sign of accumulation. pic.twitter.com/ajId9YXVhx

— Spencer Noon (@spencernoon) May 26, 2020
  • Increase in the Usage of the Ethereum Network

#10: Ethereum averages 850k transactions per day, up from 580k in early January. To put this in perspective, that's 3x more than Bitcoin averages on a daily basis -- a clear sign of increased usage. pic.twitter.com/n79OwYq3bG

— Spencer Noon (@spencernoon) May 26, 2020

Featured Image by "WorldSpectrum" via Pixabay.com. 

cryptoglobe.com