Etherscan announced that the daily transaction volume of the Ethereum network approached an all-time high, recording 1.87 million transactions. This is close to the record high of 1.96 million transactions set in January 2024. Simultaneously, the price of Ethereum (ETH) rose by 3.72% over 24 hours, reaching $3,703.71.
Nansen's senior research analyst Jake Kenni analyzed that the surge in transaction volume was primarily driven by active trading of stablecoins like USDC and USDT, and decentralized exchange Uniswap. DappRadar's senior analyst Sara Gherghelas explained that this is closely related to recent regulatory developments, such as the passage of the GENIUS Act and the approval of multiple Ethereum ETFs.
With the increase in transaction volume across the Ethereum network and expanding price volatility, market participants are required to exercise special risk management. At the same time, with improved regulatory environment and increased institutional investor participation, the Ethereum ecosystem is expected to continue growing in the medium to long term.
Choi Joo-hoon joohoon@blockstreet.co.kr
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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