ETH Activity in Q2 Similar to That Before 2017 ICO Market Boom
27 Jul 2020 #Ethereum
New research from Xangle suggests on-chain activity may not be the best indicator to assess Ethereum, after the price failed to rally in Q2. Though some on-chain activity for Ethereum is similar to the conditions before the price rallied to its all-time high in 2018, it failed to demonstrate the same bullish behavior in 2020.
According to a July report from Xangle Research on Decentralized Finance (DeFi) in Q2 2020, research analyst Jehn Kim determined that on-chain transaction volume on the Ethereum blockchain increased roughly 62%, around a 52-week high on June 23. Transaction fees also rose approximately 688%.
The analyst noted that these on-chain stats “partially resemble the spike seen during the bull run in 2017-2018,” when Ethereum (ETH) reached its all-time high price of $1,396.
“Ethereum’s on-chain indicator activity needs to be reconsidered,” said Kim, noting that ETH had only reached $230 in Q2 despite the similar on-chain activity.
Waiting until Q3 to rally?
Though the on-chain data may have been similar, the conditions of Q2 2020 are markedly different to those before the 2017-2018 bull run. The price of Ether and most altcoins dipped to yearly lows in March following the crypto bloodbath, eventually recovering in late May.
In addition, DeFi tokens and stablecoins are changing the landscape of the blockchain by driving transaction fees to two-year highs, which were more than those of Bitcoin (BTC) for the first time. The number of daily transactions on Ethereum didn’t come close enough in Q2 to its ATH of 1,349,890, only passing 1,000,000 this year in late June.
It wasn’t until Q3 that some of the impact of the addition of DeFi tokens and a rise in the popularity of stablecoins was felt on the blockchain. The Ethereum blockchain overtook Bitcoin’s for the first time in history to become the most used, having settled $508 billion in transactions for 2020 as of July 21. ETH is priced at $323.62 at the time of writing, having surged 37% this week.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 89.6% | 18 | $48 084.51 | -1.09% | 4.69% | $904 956 857 058 | $27 961 083 561 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 74% | 50 | $3 421.97 | -2.71% | 0.11% | $402 372 528 292 | $14 651 693 364 | |
| 3 |  ADA |
Cardano predictions | 65.2% | 67 | $2.38 | -0.94% | -8.90% | $76 104 680 024 | $1 873 232 040 | |
| 4 |  BNB |
Binance Coin predictions | 65.6% | 70 | $411.53 | -1.39% | -0.75% | $69 192 704 719 | $1 130 545 170 | |
| 5 |  USDT |
Tether predictions | 95.6% | 1 | $0.998306 | -0.16% | -0.24% | $68 176 839 441 | $56 276 623 103 | |
| 6 |  XRP |
XRP predictions | 67.2% | 61 | $1.080662 | -0.51% | -1.43% | $50 382 872 054 | $2 049 227 741 | |
| 7 |  SOL |
Solana predictions | 56.4% | 90 | $161.83 | 2.23% | -9.89% | $48 057 404 496 | $4 399 561 667 | |
| 8 |  DOT |
Polkadot predictions | 60.8% | 81 | $34.04 | -2.22% | 7.04% | $33 616 818 668 | $1 565 978 665 | |
| 9 |  DOGE |
Dogecoin predictions | 66.8% | 75 | $0.240174 | -1.47% | -2.38% | $31 547 290 825 | $853 022 336 | |
| 10 |  USDC |
USD Coin predictions | 90.8% | 1 | $0.998160 | -0.15% | -0.25% | $29 355 863 429 | $1 913 601 923 | |
| 11 |  AVAX |
Avalanche predictions | 67.6% | 69 | $72.99 | 1.73% | 17.93% | $16 079 530 755 | $1 649 638 415 | |
| 12 |  UNI |
UniSwap predictions | 66.8% | 64 | $24.39 | -1.92% | 2.22% | $14 920 531 930 | $258 250 447 | |
| 13 |  LUNA |
Terra predictions | 67.6% | 64 | $36.13 | 1.13% | -13.85% | $14 511 856 283 | $813 065 559 | |
| 14 |  LINK |
Chainlink predictions | 74% | 50 | $28.55 | -2.09% | 2.09% | $12 946 785 264 | $933 348 492 | |
| 15 |  BUSD |
Binance USD predictions | 94.8% | 1 | $0.998089 | -0.17% | -0.25% | $12 789 067 210 | $4 458 804 943 |
