Onchain data indicates bullish sentiment for Ethereum (ETH)

Ethereum (ETH) transaction volume reached 7.13 billion dollars with the market surge in November.

On November 15, Ethereum’s daily on-chain volume reached $7.13 billion, marking the highest single-day volume of the year. This represents a 1% increase from the previous annual peak set in March. ETH, which is currently lagging far behind Bitcoin (BTC), has shown promise for an increase with the rising transaction volume.

Ethereum (ETH) may accelerate its rise

Throughout 2024, Ethereum’s transaction volume remained generally low, despite the sudden increases in the second and third quarters. However, the tide turned positive in November with the net inflows from Bitcoin and Ethereum’s ETFs and Trump’s election as the US president.

Bitcoin’s record-breaking every day has increased Ethereum’s network activity by dragging it along. Ethereum’s transaction volume increased by 85% in just two weeks, rising from $3.84 billion on November 1st to $7.13 billion on November 15th. The increasing transaction volume has excited altcoin investors.

Despite BTC reaching 99,000 dollars, ETH, trading at 3350 dollars, has not yet been able to start the altcoin rally. However, with increasing net inflows in spot ETH ETFs or a decrease in BTC dominance, the situation could reverse. The current expectation of altcoin investors is seen as Ethereum making a new ATH and starting the altcoin bull. If Ethereum surpasses 4000 dollars, the ATH race and the altcoin bull may begin.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.