Bernstein, a leading financial research firm, has highlighted Ethereum’s recent surge in on-chain activity in a recent report. The report notes the growing popularity of non-fungible-tokens (NFTs), particularly with the launch of a mini-game by Yuga Labs.
Daily fees on the Ethereum blockchain have more than doubled since the start of the year, reaching $4 million to $6 million, an impressive growth from around $2 million, Ether (ETH) has also seen a 35% gain in the same period, further demonstrating the strength of the crypto market.
The report also pointed out that Ether inflation has remained negative for over two weeks and is expected to continue to decline with increased on-chain activity and demand. “The remaining ether has been directly staked into the beacon chain and is unlikely to be held by short-term holders,” the report noted. “However, as fears recede, there may be improved conviction in holding ETH in spot markets, which could be a positive sign for the crypto market.”
This report adds to Bernstein’s positive outlook on the crypto sector, as they have previously praised the potential of Ethereum and its blockchain technology. In 2019, Bernstein senior analyst, Lucas Nuzzi, stated in a report that “Ethereum is the most promising long-term growth story in the crypto asset class.”
This latest report from Bernstein provides further validation for Ethereum’s continued growth and stability, despite the volatility of the crypto market. The increase in on-chain activity and NFT demand is a clear indication of the growing confidence in Ethereum and the crypto sector as a whole.
In conclusion, the crypto market continues to mature and evolve, with Ethereum leading the way in terms of growth and innovation. As the sector continues to gain more attention from mainstream investors and financial institutions, it will be exciting to see the future developments and potential for the crypto market.