{"id":35087,"date":"2021-01-20T19:58:22","date_gmt":"2021-01-20T17:58:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=35087"},"modified":"2025-08-28T23:40:05","modified_gmt":"2025-08-28T20:40:05","slug":"analyst-finds-11-reasons-to-extend-ethereum-rally","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analyst-finds-11-reasons-to-extend-ethereum-rally\/","title":{"rendered":"Analyst Finds 11 Reasons to Extend Ethereum Rally"},"content":{"rendered":"<p>The second-largest cryptocurrency by market capitalization remains on track to hit new all-time highs, according to Spencer Noon, an investor at Variant, a venture-capital firm. He says 11 metrics point to this.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">11 signs <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> is going to blow past its all-time high \ud83d\udc47\ud83c\udffc<\/p>\n<p>\u2014 Spencer Noon (@spencernoon) <a href=\"https:\/\/twitter.com\/spencernoon\/status\/1351559230839517195?ref_src=twsrc%5Etfw\">January 19, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On Tuesday, January 19, the price of the second-largest cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-price-breaks-above-1400-and-posts-a-new-all-time-high\">surpassed the $1400<\/a> mark, setting a new all-time high (on the Bitstamp exchange).<\/p>\n<p>Spencer Noon drew attention to Ethereum&#8217;s leadership in paid transaction fees. The seven-day figure of $7.25 million is 1.7 times the Bitcoin figure, underscoring its status as &#8216;the most useful network in the world&#8217;.<\/p>\n<div id=\"attachment_122576\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122576\" class=\"size-full wp-image-122576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Bez-zagolovka-1.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"300\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Bez-zagolovka-1.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/Bez-zagolovka-1-300x92.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Bez-zagolovka-1-768x237.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122576\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>The number of large transactions above roughly $100,000 is seven times below the peak seen during the 2017-2018 bull market. Noon says this points to low involvement by whales and institutional investors.<\/p>\n<div id=\"attachment_122577\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122577\" class=\"size-full wp-image-122577\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-362.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"556\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-362.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/2-362-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-362-768x438.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122577\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>The Ethereum network&#8217;s hash rate hit a fresh all-time high of 313.12 TH\/s, signaling confidence among miners.<\/p>\n<div id=\"attachment_122578\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122578\" class=\"size-full wp-image-122578\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-216.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"556\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-216.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/3-216-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-216-768x438.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122578\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>The number of daily active Ethereum addresses doubled. The 90-day moving average approached around 550,000.<\/p>\n<div id=\"attachment_122579\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122579\" class=\"size-full wp-image-122579\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-131.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"545\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/4-131.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/4-131-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/4-131-768x430.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122579\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>The number of users of DeFi protocols, one use case for Ethereum, is rising exponentially, reaching 1.25 million.<\/p>\n<div id=\"attachment_122580\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122580\" class=\"size-full wp-image-122580\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-83.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"550\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/5-83.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/5-83-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/5-83-768x434.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122580\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>The volume of assets locked in DeFi applications (TVL) surpassed $25 billion. TVL across 21 projects exceeded $100 million. Noon sees this as a sign of the ecosystem maturing and of growing alignment with institutional investors&#8217; needs.<\/p>\n<div id=\"attachment_122581\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122581\" class=\"size-full wp-image-122581\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-58.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"545\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/6-58.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/6-58-300x168.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/6-58-768x430.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122581\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>Almost $22 billion worth of stablecoins have been issued on the Ethereum network, compared with $2 billion a year earlier.<\/p>\n<div id=\"attachment_122582\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122582\" class=\"size-full wp-image-122582\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-34.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"556\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-34.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/7-34-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-34-768x438.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122582\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>The monthly turnover on decentralized exchanges surpassed $30 billion. Over the year, the figure has surged 50-fold and now rivals centralized platforms.<\/p>\n<div id=\"attachment_122583\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122583\" class=\"size-full wp-image-122583\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-29.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"550\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-29.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/8-29-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/8-29-768x434.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122583\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>Users have put more than $20 billion into lending protocols. The current crypto-loan portfolio stands at around $4.5 billion. Noon says this indicates that the DeFi lending segment has stood the test of time.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122584\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/9-29.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"556\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/9-29.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/9-29-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/9-29-768x438.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p>Users are actively withdrawing coins from centralized exchanges, including a record $730 million at the start of 2021. The investor described this as a sign of accumulation of the second-largest cryptocurrency.<\/p>\n<div id=\"attachment_122585\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122585\" class=\"size-full wp-image-122585\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/10-19.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"550\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/10-19.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/10-19-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/10-19-768x434.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122585\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>Investors have sent 2.57 million ETH to the Ethereum 2.0 deposit contract. The aggregate value of these funds would be sufficient for ETH2 to rank 12th by market capitalization. Noon says this signals confidence in the protocol upgrade.<\/p>\n<div id=\"attachment_122586\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-122586\" class=\"size-full wp-image-122586\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/11-38.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442 \u043d\u0430\u0448\u0435\u043b 11 \u043f\u0440\u0438\u0447\u0438\u043d \u0434\u043b\u044f \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0435\u043d\u0438\u044f \u0440\u0430\u043b\u043b\u0438 Ethereum\" width=\"974\" height=\"556\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/11-38.png 974w, https:\/\/u1f987.com\/wp-content\/uploads\/11-38-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/11-38-768x438.png 768w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p id=\"caption-attachment-122586\" class=\"wp-caption-text\">Source: Twitter.<\/p>\n<\/div>\n<p>Dan Tapiero, founder of DTAP Capital, pointed to <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-ethereum-to-rise-thanks-to-institutional-investors\">Ethereum&#8217;s readiness for further growth<\/a> thanks to institutional interest.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The second-largest cryptocurrency by market capitalization remains on track to reach new all-time highs, according to Spencer Noon, a venture-capital investor at Variant. He says 11 metrics point to this.<\/p>\n","protected":false},"author":1,"featured_media":35088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46],"class_list":["post-35087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=35087"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35087\/revisions"}],"predecessor-version":[{"id":35089,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35087\/revisions\/35089"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/35088"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=35087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=35087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=35087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}