The on-chain value of Ethereum (ETH) is in the latest digital currency news for hitting an all-time high in December 2018, according to the crypto analytics firm Diar and its reports on January 21st.
As the report outlines, the on-chain transaction levels of the third largest cryptocurrency reached 115 million in December 2018 which reached an all-time high excluding the activity that followed a hard fork caused by the DAO hack in 2016.
As Dair stated:
“In terms of transaction count on-chain the ‘super computer’ has found stability since October bobbing between 16–17 million monthly transactions.”
The US dollar value of the on-chain transactions is at a 22-month low now. From the $815 million in 2018 which is down from $1.1 billion in 2017, the current reports of Diar show that:
“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.”
Diar states that the fees are unlikely to interfere with the growth of Ethereum as the altcoin has some of the lowest fees for on-chain transactions. On top of this, the Constantinople hard fork was recently delayed after the discovery of a security vulnerability allowing a reentrancy attack.
As ChainSecurity noted, the Constantinople upgrade will introduce cheaper gas cost (transaction fees) for some operations on the ETH network.
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