Ethereum on-chain transaction volume hit an all-time high in December. The figures rose to as much as $115 million, according to a report recently published by crypto analytics firm Diar.
It seems that despite the slump in cryptocurrency prices 2018 was the year when many records were set in the crypto space. We’ve seen how Bitcoin helped in facilitating payments of more than $3.2 trillion in that year, and now few hrs later a similar figure is coming out for Ethereum too. It’s turning out that Ethereum’s on-chain transaction volume hit an all-time high of 115 million in December 2018.
These numbers came from a report published yesterday by cryptocurrency analytics firm Diar, and they’re yet another sign of how far Ethereum has come since its birth in 2015. Here’s what Diar report said in this regard:
“In terms of transaction count on-chain the ‘super computer’ has found stability since October bobbing between 16–17 million monthly transactions.”
But that’s not the most interesting part of Ethereum’s journey. Instead, the even more interesting part is that this milestone was achieved as US-dollar value of on-chain transactions slipped to a record low of $815 million only, down from $1.1 billion in 2017. And this is the reason what might have caused the fall in Ethereum’s price. The Diar report said:
“A 97 percent drop in on chain transaction value from peak in January versus December 2018 was by and large the cause of an 80 percent drop in Ethereum’s price.”
Moving further, the Diar report states that fees are unlikely to interfere in Ethereum’s growth as the network has some of the lowest fees in entire crypto space for on-chain transactions. In fact, these costs are only expected to go down in future as Constantinople hard fork is in the offing. It might have been delayed in the recent days after discovery of a security vulnerability, but even after that it’s going to happen on 27th of Feb. Once it has happened the gas cost of ETH network will go down even more, thus allowing for better utilization of its storage capacity.
Currently Ethereum stands 3rd in the list of largest cryptocurrencies by m-cap. It has slipped from second spot after the bear phase, and currently XRP sits in its place. It will be interesting to see whether Ethereum returns to second spot after Constantinople hard fork or not.