Ether has recorded a gain of nearly 2% gain in the past 24 hours, coinciding with a multi-year high in the number of transactions on the Ethereum network.

According to The Block's Data Dashboard, the seven-day moving average of daily transactions on Ethereum has increased from 1.1 million to 1.3 million over the past week. This is a high not seen since November 2021, when the second largest digital asset by market capitalization and recorded an all-time high of over $4,600.

Transaction volume on the Ethereum network has also increased. According to The Block's Data Dashboard, the economic throughput of ETH on Ethereum has increased in the past week from $2.8 billion to a current reading of over $4 billion.

Since the Securities and Exchange Commission approved multiple spot bitcoin …