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Market sentiment towards Ethereum (ETH) He has I turned Relatively bearish, largely due to the cryptocurrency Recent price fluctuations. This negative sentiment is evident in Ethereum’s new active addresses, after it collapsed by a whopping 43%, underscoring the decline in network activity and investor confidence.
New active addresses as Ethereum drops
Data From The Block shows noticeable fluctuations in Ethereum network activityThe number of new active addresses has seen an unexpected sharp decline over the past three months.
New on June 27 Active addresses on the Ethereum network It rose to 138,620 before falling dramatically to around 89,000 in the first few weeks of July. While volume ranged between 80,000 and 95,000 in August, it quickly jumped back above 100,000 at the end of the month.
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Although Ethereum has been greatly experimented with Increase in its price Most recently, new active addresses on its network dropped to 78,100 on September 24, representing a 23.43% decrease. Currently, the number of new active addresses is running Ethereum network It remains below 80,000, reflecting more than 44% of the collapse over the past three months.
Compared to June 9 when total activity was Addresses on the Ethereum network have risen Impressively to 702,857, the current number of addresses decreased By 5.69%. Furthermore, on September 22, the total number of active addresses dropped significantly to 574,073, confirming an 18.32% decline from the high of the previous June 9.
Typically, when a crypto network experiences a decrease in the number of new active addresses, it indicates a decrease in user engagement, resulting in a decrease in overall network activity and transaction volume. This decrease can be seen in Data Provided by IntoTheBlock, which shows that the total Large transaction volume On the Ethereum network, it reached 2.91 million on July 5, but fell to 1.79 million on September 29, reflecting a 38.4% decline.
Despite the significant decline in new active addresses on Ethereum, market intelligence platform Santiment has done just that It has been detected Ethereum network activity is finally starting to improve. However, this rise in network activity also coincides with a significant increase in gas fee levels.
ETH loses first place in DEX volume rankings
On September 25, Ethereum was released lost Its status as Top cryptocurrency With the highest 24-hour decentralized exchange (DEX) volume. Solana (Sunday) Bitcoin overtook Ethereum, taking first place with a 39.77% increase in direct trading (DEX) volume, which rose to $1.123 billion.
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At the time, Ethereum’s decentralized trading volume stood at around $1.118 billion after recording a modest increase of 8.92%. While Solana briefly stole the spotlight, Ethereum quickly rebounded and has since maintained its leading position.
As of the time of writing, the cryptocurrency DEX’s 24-hour trading volume has declined rose By 11% to $1.559 billion, according to DeFiLama. In contrast, Solana saw a much larger increase of 32.94%, however, its volume is still lower than that of Ethereum at $1.251 billion.
Featured image created with Dall.E, chart from Tradingview.com