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.
