Ethereum Just Set a New Record for Number of Transactions in 24hrs

The Ethereum network’s throughput hit an all time high yesterday, processing a record amount of transactions for within a 24hr Period.

Ethereum’s progress has continued to grow, albeit quietly this week. The attention of cryptocurrency investors has been focused on the Chinese ICO ban and the resulting hit the market has taken the past week, as well as the lawsuit against ripple and the always popular Bitcoin.

However, in reality it is not all doom and gloom as the news articles would have you believe. The Ethereum network’s use is still increasing at an exponential rate. Meanwhile ETH transaction fees have managed to remain the same, this is a good sign for investors and great for those using ETH.

The vast majority of transactions can be made for as little as $0.70 USD, which is actually still substantially cheaper than other networks. Network transactions are stemming from mainly exchange trading, mining and of course Initial Coin Offerings.

With prices at the current level, now would be an ideal time to be getting into ETH. We will likely see a sharp rise in the price come Sept 18, then a dip (buying time) followed by the sharp rise for Metropolis (Barring any unforeseen circumstances that is).

Transaction volume is likely to continue to increase with the Metropolis hard-fork update within the next month or two. Byzantium, which is the first phase of the hard-fork, is scheduled for around September 18th.

With prices at the current level, now would be an ideal time to be getting into ETH. We will likely see a sharp rise in Ethereum’s price when the September update is released, then a dip which will be the time to buy in again before the main update.

The increases in volume we have been seeing are very encouraging for anyone investing in Ethereum. However, they highlight the issue faced by many Blockchain assets, which is that of scaling solutions. As the need for higher network throughput continues to rise these scaling solutions are becoming more critical for enabling the networks usability.