Ethereum's on-chain trading volume in July reached a near 4-year record of over 238 billion USD, increasing 70% compared to the previous month.
Ethereum also recorded the highest number of transactions and active addresses since 2021, contributing to pushing ETH price to 3,700 USD – a multi-year peak.
- Ethereum's on-chain trading volume in July increased 70%, exceeding 238 billion USD.
- Number of transactions and active addresses reached a peak since May 2021.
- ETH price touched a high of 3,700 USD, unseen for many years.
How much on-chain trading volume did Ethereum achieve in July and what is the significance of this number?
Ethereum's on-chain trading volume in July reached over 238 billion USD, a 70% increase from June – the highest level since December 2021. This number demonstrates Ethereum's strong attraction in the cryptocurrency ecosystem, driving significant capital flow into the network.
This reflects the increased activity of traders and decentralized applications (DApps) on Ethereum. The near 4-year record is evidence of the platform's vitality after multiple upgrades and technological improvements.
How did the number of transactions and active addresses on the Ethereum network change?
In July, the total number of transactions on the Ethereum network reached 46.67 million, a 3.6% increase from the all-time high (ATH) in May 2021. The number of active addresses also touched 17.55 million, the highest since May 2021.
The 7-day moving average (7DMA) of transactions reached approximately 1.64 million, nearly equal to the 1.66 million record in May 2021, proving the stable and vibrant transaction activity on the network. This growth is seen as reflecting users' renewed interest in DeFi and NFT products based on Ethereum.
The strong increase in trading volume and number of active addresses shows that Ethereum not only maintains its position but also develops sustainably in the current cryptocurrency environment.
Cryptocurrency market analyst, August 2023 report.
How did Ethereum's growth impact ETH price in July?
ETH price at the end of July reached 3,700 USD, the highest in many years. This is a comprehensive result of trading volume growth, strong network activity, and investor confidence in Ethereum's development potential.
These positive updates were supported by market reports showing continuous capital movement and abundant liquidation on the platform. Consequently, ETH price received a strong push, reflecting expectations for new projects and the network's further expansion potential.
Frequently Asked Questions
How is Ethereum's on-chain trading volume measured?
On-chain trading volume is calculated by the total value of cryptocurrencies transferred through the Ethereum network in a specific time period, representing the scale of activity.
What does the number of active addresses indicate about the Ethereum network?
The number of active addresses reflects the level of interaction and users utilizing the network, demonstrating the vitality of the Ethereum ecosystem.
How is ETH price related to on-chain volume and transactions?
Increased volume and transactions typically create higher usage demand, thereby increasing ETH price due to positive sentiment and better liquidation.
How important is the 7-day moving average (7DMA) of transactions?
7DMA helps reduce noise, showing the actual and more stable transaction trend compared to individual daily data.
Is the 3,700 USD ETH price a record high?
This price is the highest in recent years, not an absolute ATH, but demonstrates a significant growth trend.
