Now that we have left the 2018 bear market behind us, the cryptomarket is coming up again this year. And you do not only notice that in the price. More than a million transactions were registered on the Ethereum network on 28 June. That is the first time since May 2018, according to data from Ethereum block explorer Etherscan.
Ethereum is the network of the cryptomunt ether. It is one of the oldest and largest altcoins. The network and currency is devised by Vitalik Buterin, a young Russian programmer. He wrote the white paper for Ethereum in 2013, and in 2015 the network went live. Ether has been in the top three cryptocurrencys for years, if you look at the total market value.
The number of one million transactions is close to the record on the Ethereum network. On Thursday, January 4, 2018, there were 1,349,890 transactions on the network. More than a week later, ether reached the highest price ever: 1,168 euros.
The price of ether fell afterwards, and so did the number of transactions. The lowest number of transactions in the past bear market was achieved on 9 February. On that day, only 381,151 transactions were sent on the Ethereum network. At 104 euros, the price was also relatively low.
Below you see the graph of the number of transactions (above) and the graph of the price (below). When the price rises, the number of transactions also increases:
Improvements on the Ethereum network are underway
We are still working hard to improve the Ethereum network. In 2020, for example, the switch will be made to Proof of Stake. That is a more energy-efficient way to mine ether. The foundations for this have already been laid this year with the Constantinople update of February.
In addition, Vitalik Buterin wants to focus more on privacy on the Ethereum network. In the future, he wants it to be harder to see where a transaction comes from.