After the Ethereum platform had a saturation in transaction fees, the cryptomoney seems to have stabilized. And it’s now the Hashrate has an explosive rise. Some analysts believe this event may in turn boost the price of the Ether.
In the midst of the pandemic, interest in cryptomonics has increased exponentially. As a result, renewed events on the crypto platforms have begun to be seen.
And in this case, it was again the Ethereum platform that witnessed an explosive moment.
Ethereum: The best investment in the market?
The increase of the Ethereum’s Hashrate
New data from Glassnode and Etherscan show that the Ethereum Hashrate (ETH) has risen to a maximum of 20 months. And this has led some optimistic operators to suggest that Ether’s price will continue to rise to new highs in 2020.
It is important to remember that the Hashrate, or hash rate, is one of the most important data to consider when trading in cryptomonies.
The Hashrate is a competition. Leading it can mean a truly significant income per day.
In this way, it can be better understood why the explosive increase in the Ethereum Hashrate seems to be strongly influenced by the rapid growth of users.
Added to this is the growth of the Decentralized Finance sector (DeFi) and, which is around 201,000,000 GH/s, a level not seen since 2018.
The Ethereum Hashrate has an explosive increase. Some analysts believe that this may raise the price of the Ether.
In recent weeks, the demand for Ether has increased significantly and, since mid-June, an increasing number of users started using DeFi platforms, which caused the Ethereum network to become saturated.
As a result, it was possible to observe that transaction fees were equally congested.
The congestion is relieved: transaction fees on the Ethereum fall by 75%
Is this positive news for Ethereum?
The increase in the hash rate, the price of Ether and the increase in fees indicate that user activity on the Ethereum platform is increasing.
Thus, these data show that the fundamentals of Ethereum have been strengthened.
This competition on the platform tends to lead to higher rates. Especially when the interest is increasing, which makes the miners‘ income increase.
An increase in revenue would force more miners to mine at Ethereum, which would lead to an increase in hashrate. And this event, according to some analysts, could boost the price of the Ether.