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Noon highlights Ethereum’s 90-day moving average of nearly 500,000 active addresses, a figure that’s doubled since the start of the year, as the top reason to be bullish on ETH.
He also points to the amount of fees paid on the network, at over 80 billion gas per day, as a sign that demand has never been higher.
Noon says he believes the total amount of fees paid on the network, which is higher than all other blockchain platforms, shows Ethereum is the most useful network in the world.
Noon cites the fact that billions of dollars worth of stablecoins have now been issued on Ethereum as another sign of the platform’s utility.
In addition, he says 1 million total decentralized finance users and the $14 billion in total value locked in DeFi shows Ethereum is part of a new and maturing financial ecosystem.
Noon also cites the fact that 150,000 Bitcoin (BTC) have been converted to Ethereum-based representations of Bitcoin as a sign that Ethereum is becoming an “economic vacuum” for assets of all kinds.
Last but not least, after reaching $86 billion in volume this year, Noon says decentralized exchanges are here to stay and clear competitors to their traditional, centralized counterparts.
Although he believes Ethereum is fundamentally sound, Noon says it’s tough to peg a true value on the second-largest cryptocurrency by market cap, as it’s a nascent invention in a nascent industry.
“We are now reaching the point in the cycle where people tell you how to value ETH. The truth is, no matter how hard they try to pattern match an old methodology or appeal to their authority, no one really knows how to value it. The world has never seen an asset like ETH before.”