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Ethereum’s network activity reached an all-time high in recent data, with the seven-day average of total transfers surpassing 1.3 million. The increase points to broader usage across decentralized finance, Layer-2 networks and smart contract applications, suggesting adoption that extends beyond simple holding.
Even with this on-chain growth, ETH is trading well below previous price highs. The divergence between rising activity and a subdued market price has led to the view that the asset may be undervalued relative to its fundamentals.
CryptoQuant data shows Ethereum’s network activity has climbed to an all-time high, driven by higher transaction volumes. As activity rises, gas fees increase as well, and Ethereum’s deflationary mechanism burns more ETH, reducing circulating supply. That supply contraction could be supportive over the longer term.
In March 2026, Ethereum gained 7.12%, compared with Bitcoin’s 1.83%, indicating a shift in capital toward higher-beta assets.
CryptoQuant also highlighted that Ethereum’s volatility is higher than Bitcoin’s, at about 62.8% versus 49.8%. The data suggests ETH tends to amplify broader market moves, which can help it outperform when liquidity improves and risk appetite rises.
Ethereum’s expanding role in DeFi, stablecoins and tokenization is described as strengthening its position as a core financial infrastructure layer. By contrast, Bitcoin is characterized as being primarily viewed as a store of value.

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