Ethereum is close to becoming the first blockchain to process $ 1 trillion this year, recording a transaction volume twice that of Bitcoin. The 30-day moving daily average of transaction volume currently stands at around $ 7 billion, substantially higher than Bitcoin’s 3 billion, according to crypto data provider Messari.
If it manages to keep up, Ethereum is likely to become the first blockchain to be process with $ 1 trillion price ethereum in transactions this year, Messari said. Bitcoin is expected to settle around $ 800 million this year, its best performance after 2018.
Other than this year, Ethereum’s best performance in terms of transaction volume was recorded in 2018 when it settled around $ 500 million in volume, compared to Bitcoin’s $ 849 million that year.
Messari’s Ryan Watkins said that a large part of Ethereum’s volume comes as a result of a significant increase in volumes from the ERC-20 stablecoin. He also pointed to the skyrocketing liquidity in the chain of decentralized exchanges, with Uniswap and Curve together securing more than $ 20 billion in combined volume in the last month. DEXs currently represent more than 13.6% of the total volume of exchanges.
Technical analysis: ETH price breaks higher
The price of Ethereum (ETH) is currently trading 8.7% in the green as buyers work to secure the highest weekly close since August. More importantly, buyers will succeed in forcing a close above the horizontal resistance line at $ 395 (the red line), which will likely facilitate more optimism in the near term.
As seen on the chart, the bulls stopped at the next daily resistance near $ 415. You might see a lower rotation from these levels to return to $ 395, which offers an opportunity to buy ETH at a solid risk-reward level. In this case, $ 415 remains the first target, while the bulls are likely to push for $ 446 as their main target in November.
Ethereum is well on its way to becoming the first blockchain to handle $ 1 trillion by 2020, representing a volume of transactions twice that of Bitcoin. The world’s second-largest digital asset has also made progress on price ethereum action, trading nearly 9% higher this week.