24-Hour Trading Volume on Ethereum Network Reaches Multi-Year High

In the past 24 hours, the number of transactions on the Ethereum network has reached the highest point in several years. According to data from The Block, the seven-day moving average of daily transaction volume on Ethereum has increased from 1.1 million to 1.3 million over the past week. This level has not been seen since November 2021 when the second-largest cryptocurrency by market capitalization reached a historic high of over $4,600.

The transaction volume on the Ethereum network has also seen an uptick. In the past week, the economic throughput of ETH on the Ethereum network has increased from $2.8 billion to over $4 billion.