On-chain activity on Ethereum hit a five-month high, driven by DeFi demand, stablecoin usage, and rising gas efficiency
Bitcoin Hyper’s $25 million presale signals investor confidence in high-speed Layer-2 ecosystems even as Zcash’s 30% rally revives altcoin sentiment.
WazirX faces a major court setback in India, while Japan’s first yen-backed stablecoin underscores global progress toward regulated digital assets.
The global cryptocurrency market continues to showcase mixed developments, with Ethereum’s on-chain activity hitting a five-month peak, Bitcoin Hyper achieving a major presale milestone, Zcash rallying sharply, and Japan making strides in stablecoin innovation. Meanwhile, India’s WazirX exchange faces fresh legal troubles following a landmark court ruling.
Ethereum has recorded a significant surge in on-chain activity, reaching its highest level in five months. Daily gas usage on Ethereum’s mainnet has spiked to a three-month peak, underscoring increased user engagement.
According to data from Grow The Pie, Ethereum’s daily active addresses have climbed to around 550,000, reflecting growing participation. Analysts note that such heightened activity often coincides with bullish market phases.
Despite the surge, gas prices remain low under 1 gwei due to continued efficiency improvements and Layer-2 adoption. Decentralized exchange (DEX) swap costs have dropped to as little as $0.21, boosting activity across protocols like Aave and Uniswap.
DeFi applications now account for nearly half of daily ETH gas consumption, burning roughly 48 ETH per day. The total value locked (TVL) in Ethereum-based protocols stands above $89 billion, with Aave alone holding $32 billion.
Also Read: Why Ethereum is the Go-to Settlement Layer for Altcoins
While Bitcoin remains steady near $115,000, investor attention has shifted to Bitcoin Hyper a high-speed Layer-2 ecosystem built on the Bitcoin network. The project has reached $25 million in presale, signaling strong investment.
Bitcoin Hyper aims to deliver Solana-level transaction speeds through a scalable Layer-2 chain. The ecosystem includes a bridge, wallet, explorer, staking system, and memecoin hub all designed to improve Bitcoin’s utility beyond simple store-of-value use.
MicroStrategy founder Michael Saylor reignited bullish sentiment last week with his message, “Don’t wait until your banker tells you to buy Bitcoin,” echoing his long-standing conviction in the asset.
Meanwhile, JPMorgan has allowed institutional clients to use Bitcoin and Ethereum as collateral, marking a major step in traditional finance adoption. Currently trading around $0.013, HYPER has seen daily inflows between $100,000 and $200,000, suggesting strong accumulation.
Privacy coin Zcash (ZEC) surged over 30% in 24 hours, hitting an intraday high of $374.74 before settling around $356.97. The rally lifted its market capitalization above $5.9 billion.
The surge follows remarks from Arthur Hayes, co-founder of BitMEX, who predicted that ZEC could eventually reach $10,000. Technical indicators support the bullish sentiment, with the RSI at 77.05 and a strong MACD crossover, pointing to further upward potential.
If ZEC holds above $340, it may test the next resistance zone between $380 and $400. However, a breakdown could see a short-term correction toward $300.
India’s Madras High Court ruled that cryptocurrencies are “capable of being possessed” and therefore qualify as property. The ruling came after a user sued WazirX for attempting to redistribute their 3,532 XRP (worth about $9,400) to cover losses from the platform’s $230 million hack.
The court barred WazirX from reallocating the assets and ordered the exchange to deposit ₹9,56,000 ($11,500) as protection for the user pending arbitration. The hack, attributed to North Korea’s Lazarus Group, had crippled operations for over a year before services resumed earlier this month.
Japanese fintech firm JPYC Inc. has launched the nation’s first yen-backed stablecoin, pegged 1:1 to the yen and supported by bank deposits and government bonds. JPYC aims to issue 10 trillion yen worth of tokens within three years, positioning itself as a key player in Japan’s digital currency ecosystem.
The stablecoin, introduced alongside the JPYC EX issuance platform, complies with Japan’s strict anti-money laundering laws.
The launch comes amid rising competition with Monex Group and major banks like MUFG, SMBC, and Mizuho also planning their own yen-pegged stablecoins.
According to SoSoValue, Bitcoin spot ETFs saw $446 million in net inflows last week. BlackRock’s IBIT led with $324 million, followed by Ark Invest and 21Shares’ ARKB with $53.9 million. Meanwhile, Grayscale’s GBTC recorded a $117 million outflow.
The total asset value of Bitcoin spot ETFs has reached $149.96 billion, representing 6.78% of Bitcoin’s total market capitalization, as institutional demand continues to strengthen heading into November.
Also Read: Bitcoin Price Nears $115,000 as ETF Inflows Hit Record Levels
1. Why has Ethereum’s on-chain activity increased recently?
Ethereum’s on-chain surge is fueled by higher DeFi participation, stablecoin transfers, and growing demand for lending and DEX swaps, with gas fees staying under 1 gwei.
2. What is Bitcoin Hyper, and why is it gaining attention?
Bitcoin Hyper is a high-speed Layer-2 project built on Bitcoin, reaching $25 million in presale funding. It promises Solana-level scalability and faster transactions for Bitcoin-based apps.
3. What caused Zcash’s 30% price jump?
Zcash’s rally was sparked by investor optimism following Arthur Hayes’ $10,000 price prediction, supported by bullish technical signals like a strong MACD crossover.
4. What did the Indian court rule in the WazirX case?
The Madras High Court ruled that cryptocurrencies qualify as property, barring WazirX from redistributing a user’s XRP to offset losses from its 2024 hack.
5. What makes Japan’s JPYC stablecoin launch significant?
JPYC is Japan’s first yen-backed stablecoin, pegged 1:1 to the yen and compliant with anti-money laundering rules, marking a major step in Japan’s digital currency regulation.
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