The trading volume on the chain of ETH rose by 4.12% compared with the average trading volume in the past seven days

According to reports, Tokenview data showed that the trading volume of ETH on the chain was 1.4706 million ETH yesterday, up 4.12% from the average trading volume in the past seven days. The number of transactions on the chain of ETH was 1.1417 million yesterday, up 8.24% from the average number of transactions in the past seven days.

Interpretation of this information:

The message reports on the recent trading activity of Ethereum (ETH) and provides data from Tokenview that indicates an increase in both trading volume and number of transactions on the chain. Specifically, the trading volume of ETH on the chain was 1.4706 million ETH yesterday, which is a 4.12% increase from the average trading volume observed in the past seven days. Similarly, the number of transactions on the chain of ETH was 1.1417 million yesterday, up 8.24% from the average number of transactions seen in the past seven days.

This increase in trading activity could be attributed to multiple factors, including market sentiment, network upgrades, and new developments in the Ethereum ecosystem. Additionally, the recent surge in the price of Bitcoin (BTC) may have contributed to a rise in demand for alternative cryptocurrencies like Ethereum.

Overall, the data suggests that Ethereum is experiencing strong demand and investor interest, which is reflected in the increased trading volume and transaction activity on its chain. As the second-largest cryptocurrency by market capitalization, Ethereum plays a significant role in the crypto market and its performance is closely watched by investors and traders.