Recently, Ethereum addresses surged pushing positive price movements, resulting in its value back above the $3,000 mark. This price increase was accompanied by a notable uptick in Ethereum addresses, reaching levels not seen since 2022.
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Ethereum Addresses Surge
According to data from Santiment, Ethereum experienced its highest daily new address creation between the 4th and 5th of May, marking the first occurrence in nearly two years. The chart showed that the daily new address count exceeded 196,700, a milestone not reached since October 8, 2022.
https://twitter.com/santimentfeed/status/1787523700818157754
Subsequent analysis of the network growth chart revealed a gradual deceleration in this surge. By the close of trading on May 6th, the daily new address count had reduced to around 115,000, further declining to around 33,000 at the time of this writing.
This influx is not unexpected, given Ethereum’s earlier price flirtation with the $4,000 range this year. It is plausible that the influx of these new addresses anticipates Ethereum’s potential to retest and surpass that price threshold. The last time there was an influx was in October 2022, and the ETH price rose months later.
Rise in the number of Ethereum Daily Active Addresses
Overall, the number of Ethereum daily active addresses has risen since March. Per AMBCrypto’s analysis, it has consistently remained above 500,000, dipping below this threshold only occasionally.
Specifically, on the 4th and 5th of May, the count was around 560,000 and 556,000, respectively, with no discernible trends observed. At the close of trade on May 6th, the count was 536,000.
Also, as of this writing, the count was around 160,000. While this suggests a healthy level of activity on the network, the recent influx of new addresses has yet to impact it significantly. These new addresses may be content to observe from the sidelines for the time being.
Ethereum volume exceeds $10 billion
Analysis of Ethereum’s volume revealed that the influx of new addresses did not lead to any significant changes in trading activity. The chart displayed a recent decline in volume, and even on the day of the spike in new addresses, the volume remained below $10 billion.
It wasn’t until May 6th that the volume surpassed this threshold, exceeding $12 billion. As of the latest data, the volume was around $13 billion.
https://ambcrypto.com/wp-content/uploads/2024/05/Ethereum-ETH-07.47.34-07-May-2024.png
Conclusion
To conclude, Ethereum addresses surge accompanied by positive price movements, indicating a growing interest in the network. While the influx of new addresses has yet to impact network activity significantly, Ethereum’s consistent daily active addresses suggest a strong foundation for continued growth. Additionally, despite fluctuations in trading volume, Ethereum’s price remains resilient, exceeding $3,000 and indicating bullish sentiment among investors.
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