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Ethereum's token price has slipped below $1,700 at the same time the network is logging all-time highs in both users and transactions — a split that forces a straightforward question about what cryptocurrency prices actually measure.
The divergence, flagged by Benzinga, is one of the cleaner illustrations of how market value and network utility can move in opposite directions.
What On-Chain Highs Actually Mean "On-chain" refers to activity recorded directly on the Ethereum blockchain — wallet addresses sending transactions, smart contracts being called, tokens being swapped.
When the number of users and transactions hits an all-time high, it means more people are actually using the network than at any prior point in its history, not just holding the asset or watching charts.
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