Glassnode: Ethereum Gas Used Total statistic broke above the enormous level of 70B units

According to Glassnode, the Ethereum Gas Used Total statistic broke above the enormous level of 70,000,000,000 units for the first time in its history. Will this lead to a price increase event in the future?

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Source: Glassnode

Ethereum Gas Used Total has surged above 70 billion units for the first time

In 2019, Ethereum Gas Used Total increased by over 60 billion just once. And the reason comes from the market greed euphoria caused by the Xi Spike in the third quarter. That’s when Chinese president Xi Jinping declared his support for Blockchain. Without this event, this figure would typically be in the range of 40 billion – 55 billion.

Moreover, the use of the Ethereum skyrocketed network by the number of Ethereum addresses also reached a new ATH, over 41,959,507 not long ago. Elsewhere, someone transferred 300,000 ETH or $ 68.4 million, between unknown wallets.

This increase is also of great significance for the Ethereum network. Specifically, with the crazy and exciting growth around the DeFi segment, many people believe that the ETH price will grow significantly. As AZCoin News reported, DeFi applications use a significant portion of Ethereum resources. For months now, decentralized finance has been considered one of the most useful use cases on the Ethereum network. Over the past few weeks, this has culminated in the rapid growth in DeFi protocols. And this also significantly affects the ETH price.

Besides, the huge activity of Ponzi programs using Ether-based stablecoins can overload the Ethereum network. However, ETH price is lagging behind the use of the network. Still, there is an opinion that ETH will still target $ 300 in a few weeks. And the reason for this bullishness comes from the fact that Ethereum will benefit from DeFi’s growth.

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