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Ethereum missed out on the crazy price movements this week. In the past two days, Bitcoin has dominated the larger cryptocurrency market, making huge strides that nearly surpassed the $73,500 mark, its best in recent months. Other altcoins have also followed this path with SOL and DOGE following Bitcoin.
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With Bitcoin retesting a new high in October, Ethereum It lagged, even reaching a low of $2,322 on October 3rd. Since then, Ethereum has slowly made its way up the price charts, reaching a high of $2,721, before returning to the $2,500 level.
🧵 Crypto network dynamics: analysis of address activity, transaction volume and market dominance trends.
1/4: Ethereum leads active addresses with 43%, reflecting strong network activity. It is followed by Tron at 21%, indicating its growing user base, with Tether and Toncoin also… pic.twitter.com/zjyjQlqXBL
— Information Technology (@IT_Tech_PL) October 30, 2024
Analysts say that Ether’s latest move is due to increased on-chain activity. Based on IntoTheBlock data, the Ethereum blockchain has seen an increase in addresses, outperforming other ecosystems. The blockchain represents 43% of all active addresses, leading to other popular blockchain projects such as BTC, TRX, TON, and USDT.
Ethereum addresses dominate
Active addresses in a blockchain are an important metric that analysts check to gauge the popularity of a blockchain. according to InTheBlock TrackingThe Ethereum blockchain remains the leader, accounting for 43% of all active addresses.
Tron comes in second with a 27% share of all active addresses. TON by Telegram is also in InTheBlock’s top 5 apps list as of October 1st, presenting an interesting picture of its growing user base.
Other tokens that are making big inroads into active addresses are USDT by Tether and Toncoin. Analysts say this data indicates Ethereum’s dominance, especially in adoption and network activity.
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Can we expect ETH prices to rise soon?
Recent data from active addresses reveals that Ethereum is currently the most active blockchain. The strength of demand and interest in DeFi projects, decentralized applications, and even NFTs can be attributed to activity in its ecosystem.
As some blockchain analysts have noted, improving network activity and adoption often leads to higher prices. ETH can surprise with an increase in active addresses and prevailing market conditions. Other data on the chain is supported by blockchain technology. For example, the exchange width ratio decreased to 0.141 from 0.145, resulting in increased accumulation.
What to expect from Ethereum in the next few days
currently, ETH is trading at $2,516 Which achieved a weekly gain of 3.74%. There is also a growing number of active addresses and a strong uptrend. Analysts expect ETH to retest the $2,800 mark in the coming weeks or months.
Featured image from Bankrate, chart from TradingView
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