Ethereum Gas Price Spikes 29%, User Activity Grows: Report

• Ethereum gas prices spiked by 29% in January 2023 as user activity on the blockchain rose.
• Average number of unique active Ethereum wallets per day dropped to 387,475, the lowest figure over the past six months.
• Average number of Ethereum transactions per day also decreased by 0.8%.

Ethereum Gas Price Spikes in January

Ethereum block statistics show that the average number of blocks mined each day showed little to no change, while the total block size per month increased by 7%. According to a data report from Analytex, Ethereum’s average gas price rose by 29.27% in January 2023 compared to December 2022. This spike can be attributed to an increase in user activity on the blockchain.

Average Unique Active Wallets Decline

The report also notes that the average number of unique active Ethereum wallets per day decreased by around 10% to 387,475, the lowest figure over the past six months. Meanwhile, the average number of unique active smart contracts increased by 6.74%.

Transaction Data Decrease

As shown above, other important metrics measured include daily Ethereum transaction data, which showed a slight decrease of 0.8% from December to January. The report notes that the average number of Ethereum transactions per day has declined for eight months.

Reaction From Investors

Stepping into 2023, cryptocurrency investors seemed to have shrugged off a year-long bearish sentiment from 2022 with significant reactions showcased through on-chain activities on the Ethereum blockchain.

Conclusion

Overall it is clear that user activity on Ethereum is increasing and so is its average gas prices as more users flock towards this digital asset class for investment purposes and various other services like decentralized finance (DeFi).