The current prices of Ether (ETH) suggest a bullish field day for ethereum investors and the crypto market at large. In fact, it is showing an exceptionally high performance which can be compared to the 2017-2018 ICO market explosion. The positive turn of events for ETH can be said to be because of the recently announced upcoming Ethereum 2.0 upgrade and the ongoing bullish sentiments surrounding this and the whole of the second biggest crypto by market capitalization.
For those that do not understand, a bullish run is simply the state of a financial market in which prices hit an all-time high, or prices are expected to rise. It is characterized by stock prices rising by 20% typically after a 20% drop in prices and also before a 20% decline. Take note that this current surge in prices may not be the best statistics to evaluate Ethereum. In fact, the most recent study (attach hyperlink to study) from Xangle insinuate that since the prices have failed to rally in the second quarter, investors should be wary of using this yard stick to assess Ethereum.
A 2nd-Quarter July Report from Xangle Research on Decentralized Finance (DeFi) depicts that on-chain size of transaction on Ethereum surged by approximately 62%, around a 52-week high on June 23. Research analyst Jehn Kim highlighted that the on-chain statistics “partially resemble the spike seen during the bull run in 2017-2018,” during this period, ETH was valued a whooping $1,396.
Kim continued that:
“Ethereum’s on-chain indicator activity needs to be reconsidered,” in fact, ETH was just $230 in the second quarter, although we had very similar on-chain activity.”
At the moment, ETH is valued at $323.62 with a 37% increase this present week. The transaction fees also surged to about 688%. A closer observation shows that although there may be good reasons to compare the present ETH bull run with the 2017-2018 market boom, the conditions of both periods are significantly distinct.