The data shows “ethereum averaged 626,000 daily active addresses in the period. This figure is just 111,000 short of the all-time high set on January 16, 2018.”
Bitcoin averaged over a million daily active addresses in the past week for the first time since January 2018. The growing usage metrics add to evidence of a rising bull market.
According to data compiled by Coin Metrics, ethereum might be on course to surpass its all-time high if the bull market continues.
Still, the report is highlighting the growth in network transaction fees during the same period.
Explaining this growth, the report says “transaction fees also continue to rise which signals increasing demand for block space.”
When bulls dominate the market both the Bitcoin and Ethereum networks get congested with unconfirmed transactions. Bitcoin miners respond to network clogging by prioritizing transactions with higher fees. However, when the number of transactions drops the transaction fees will drop as well.
The report, which appears to confirm this higher transaction fee theory, reveals that the Ethereum network generated more from fees than the Bitcoin network in the past week.
ETH averaged almost $2M worth of daily fees over the last week and is still outpacing BTC. But BTC is catching up, as BTC daily transaction fees grew 67.4% week-over-week compared to a 28.7% growth for ETH.
Furthermore, the market capitalizations of both bitcoin (BTC) and ethereum (ETH) surged to “new 2020 highs after breaking past the pre-March levels.” At the time of writing, bitcoin market capitalization is $215 billion while ethereum is at $45 billion.
At the same time, the report shows that stablecoins have been on the rise “since the beginning of August.” The total “tether supply has grown by over 400M to a total of over 11.5B.”
However, much of that growth has come “from the Tron version of tether (USDT-TRX), which has increased by about 250M since July 31st.”
Still, the majority of tether’s supply remains on ethereum (USDT-ETH). USDT-ETH also continues to add to the rise in overall ethereum usage.