Ethereum use is on the rise like never before, as Ethereum’s network saw transactions spike to an all-time daily high of 505,611 on October 17th, 2017.
This number beats the #2 crypto’s previous daily record by approximately 5,000 transactions, showing that the network’s associated cryptocurrency, ether, is seeing healthy adoption as demand for the coin has surged since the beginning of the year.
In light of this upward trend, it’s conceivable the Ethereum network could achieve its next milestone of 1 million transactions over a 24-hour period by late 2017 / early 2018.
Experts maintain Ethereum’s current daily transaction capacity is between 1 and 2 million transactions per day, so scaling demands are just over the horizon—though these demands can largely be mitigated by eventual Proof of Stake (PoS) implementation.
The good news, though, is that the network is handling its current load of +500,000 transactions per day smoothly, with congestion being virtually non-existent over the past 48 hours.
Better yet, fees as low as $0.001 are enough to get transactions confirmed right now, meaning the affordability of transactions through Ethereum will make the network more prevalent and popular in the months ahead.
Ethereum is doing 1.3x more transactions than Bitcoin daily.
I think that's a much healthier metric than market price looking forward. pic.twitter.com/gUD8RZLXyD
— gubatron (@gubatron) October 18, 2017
Accordingly, the future is as bright as ever for Ethereum, as this important early usage milestone shows that the stewardship of Ethereum’s developers has resulted in tangible success that’s surely just a prelude to the mainstream adoption that is seemingly all but imminent at this point.
Transactions will likely continue to spike, too, as excitement builds around this year’s Devcon3, the Ethereum community’s annual development conference. Excitement means more investors, and more investors means more transactions.
As such bullishness abounds, it’s certainly a good time to look for upward short-term pressure on the price of ether.
Join the conversation on r/ethtrader: http://cryptoanaly.st/justg6fc9
TLDR: The Ethereum network just saw its all-time record broken for daily transactions. The grand takeaway is clear: new users are currently flocking to the #2 cryptocurrency.