Year-to-date soaring 47%, will ETH become the dark horse this year?

Since the beginning of 2020, due to the halving effect, the price of Bitcoin has risen sharply, by nearly 30%. At the same time, the currency with the second largest market capitalization has surged by over 47%, which seems to have triggered a wave of optimism.

It is worth noting that price is not the only indicator that Ethereum has seen a significant increase this year.

Year-to-date, the average transaction size of ETH has increased by 122%, and the number of large transactions has increased by 169%

IntoTheBlock data shows that since the beginning of the year, the average transaction size on the Ethereum network has increased by more than 122%. The figure below shows the average transaction size of the Ethereum network from January 1, 2020 to February 2, 2020.

Although the average transaction size of Bitcoin has also increased (+ 73%), it is far less than Ethereum. The figure below shows the average transaction size of the Bitcoin network from January 1, 2020 to February 2, 2020.

In addition, the number of large transactions on the Ethereum network also increased from 130 on January 1 to 350 on February 2, an increase of 169%.

The figure below shows the number of large transactions on the Ethereum network from January 1, 2020 to February 2, 2020.

Of course, the sharp rise in the price of ETH may not surprise the performance of these indicators. However, it is worth noting that the trading performance of Ethereum derivatives is also very eye-catching.

Ethereum Derivatives Trading Performance

Skew data shows that the daily trading volume of Ethereum futures increased significantly in mid-January.

In addition, since the beginning of this year, the accumulated open positions of Ethereum futures have also steadily increased. The chart below shows the total open positions of Ethereum futures.

How will the ETH market look?

As for how the ETH market is going, Crypto Einstein, a cryptocurrency analyst, points out that Ethereum's closing price in the past week was higher than $ 168 (a key level of asset flow). He added that for the first time in the past two years, Ethereum has seen six consecutive weeks of solar gains (Scallion Note: Here in local time), and he tends to believe that the Ethereum bull market has been confirmed.

fxstreet analyst Ken Chigbo said the bulls must break out and close above the weekly resistance of $ 195 to withstand greater upward pressure.

ETH / USD daily chart

Trader Josh Olszewicz pointed out that due to technical bullishness, Ethereum may rebound to $ 555 this year.

Cryptocurrency trader Alex Dovbnya noted that despite everyone's hype about the upcoming halving of Bitcoin, Ethereum could eventually become a dark horse in 2020.

The u.today article said that although some people may think that ETH may lead a new bull market, they seem to forget that in February last year, the price of ETH surged 56% in less than a month, but it remained at the end of the year Recorded a loss.

Reference article: https://cryptoslate.com/eth-has-been-outperforming-btc-this-year-in-terms-of-growth/ .