According to the July report from Xangle Research on Decentralized Finance (DeFi), Ethereum's on-chain activity, the second largest crypto by market capitalization, is very similar to that recorded by the asset shortly before the market boom in 2017.
According to research analyst Jehn Kim, on June 23 transactions volume on the Ethereum blockchain increased by around 62%, about a 52-week high. In addition, transaction fees also increased by approximately 688%.
According to the analyst, this data is very similar to that recorded during the 2017-2018 market boom, when Bitcoin hit $20,000 and Ethereum reached its all-time high of $1,396.
However, the analyst notes that in spite of the similar figures, the price of Ethereum during the second quarter did not exceed $230.
This is because market conditions are very different from those in 2017-2018.
For instance, one of the main differences is the fact that DeFi and stablecoins now represent a significant share of the market, whereas in 2017-2018 their presence was almost insignificant compared to current levels.
However, it should be noted the price of Ethereum has recently increased significantly after rising by 37% over the last week to $320.
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