The top cryptocurrency, Bitcoin barely made it above the 9k price level, after sitting at the lows of below $8,800 a few days ago. Meanwhile, Ethereum metrics are continuously improving and could be pointing towards a bullish market for Ether (ETH), as the cryptocurrency gradually curates some price points.
Ethereum metrics are healthy
Spencer Noon, the DTC Capital head, shared a lengthy post concerning the improving Ethereum metrics. Several on-chain metrics and charts in the post tend to paint a positive picture for the cryptocurrency, which probably suggests a bullish Ether market anytime soon.
At first, Glassnode, a digital currency on-chain data provider, reported a significant increase in ETH addresses, which somewhat translates to Ether’s growing adoption. Precisely, there are now about 40 million addresses that contain at least one ETH. Also, the number of active addresses peaked at 380,000.
The Ethereum network ‘gas’ is reportedly used at record levels, which points out that the demand for Ethereum block space has been moderate. Another important improving Ethereum metrics are seen with the rate of stablecoin issuance on the network. More than $7 billion has been issued, and $4 billion was garnered four months ago.
DeFi products are gaining ground
The developments with Decentralized Finance (DeFi) and its usage are also encouraging. DeFi is growing continuously, and notably, Ethereum currently serves as the backbone for the emerging sector. Noon added in the report:
$25 million of $WBTC [wrapped Bitcoin] has been minted since May 1st – a sign that Ethereum is becoming an economic vacuum for all assets, starting with Bitcoin.
A few other Ethereum metrics on ETH-related products, like the ETH fund on Grayscale, are looking strong as well. More so, the outflows on cryptocurrency exchanges have reportedly grown, which signals accumulation. Ether transactions have also risen by nearly 50 percent since the start of the year.