Ethereum (CRYPTO:ETH) recorded a new all-time high in daily transactions as onchain activity accelerated into the end of the year.
Data from The Block shows the seven-day moving average of Ethereum transactions reached 1.87 million on 31 December.
The figure surpassed the previous peak of 1.61 million set in May 2021 during the height of the NFT and DeFi cycle.
The latest reading also exceeded the more recent high of 1.73 million recorded in August 2025.
Active addresses on the Ethereum network climbed to 728,904, marking the highest level since May 2021.
The network also added 270,160 new addresses on 31 December, the largest single-day increase since early 2018.
Analysts attribute the surge to a combination of lower fees, higher scalability, and growing institutional interest.
The recent surge has been driven primarily by network upgrades that have slashed fees, boosted scalability, and attracted institutional participation via ETFs and real-world asset tokenisation.
Nick Ruck said.
Ethereum implemented two major upgrades in 2025 known as Pectra and Fusaka to improve network efficiency.
Pectra increased blob throughput, introduced account abstraction, and raised validator staking limits.
Fusaka activated PeerDAS, improving data availability sampling while supporting higher blob counts without stressing nodes.
These changes, combined with higher gas limits and zkEVM performance gains, have reduced costs across the network.
Developers continue to push Ethereum’s rollup-focused roadmap as usage expands across multiple sectors.
Another major upgrade, Glamsterdam, is expected in early to mid-2026 and will focus on performance and decentralisation.
A further upgrade known as Hegota is planned for the second half of 2026 to support long-term network sustainability.
Despite rising competition from other blockchains, Ethereum remains dominant in key activity areas.
Right now, while there are clear and powerful competitors, the majority of stablecoins activity, RWAs, yield and staking protocols, even trading, gaming and NFT activity is still very much Ethereum or EVM compatible.
Justin d’Anethan said.
Market participants note that subdued price action has not matched the scale of onchain growth.
Some analysts believe this divergence could create opportunities for large investors.
As is often the case, when investors capitulate or become distracted, the set-up for a major surprise emerges.
Justin d’Anethan added.
At the time of reporting, Ethereum price was $3,067.70.