Ethereum's explosive price growth has left many critics aghast in 2020. However, there is still a lingering question about whether or not this rally is something more than speculative buying.
According to data provided by crypto analytics company Glassnode, Ethereum's impressive price moves have been accompanied by growing fundamentals. In just one week, the number of active addresses has grown by 26.7 percent while ETH transactions have grown by 20.77 percent.
Meanwhile, the usage of gas (the fee that is required to conduct a transaction on the Ethereum network) has grown to its highest level since September.
Hence, it's safe to say that's it's not just about speculations. The same pertains to Bitcoin (BTC) — the crypto king has recently witnessed an uptick in newly-created addresses.
The price of Ethereum recently reached a new yearly high of $283. The leading altcoin has surged by more than 140 percent year-to-date.
As U.Today reported, market analyst Edward Moya opined that ETH could skyrocket up to $440. However, considering that the coin is currently extremely overbought, one shouldn't rule out that it could hit the skids before resuming its rally.