In a recent turn of events, Ethereum (ETH), the second-largest blockchain network by market capitalization, has reportedly outstripped Bitcoin (BTC) in daily active addresses. This interesting twist was revealed by data from the Artemis Terminal.
Ethereum now boasts of 1.03 million daily active addresses, sprinting ahead of Bitcoin which presently counts 743,800 active addresses. A report from market intelligence platform Santiment provides insights into Ethereum’s OnChain activity, elevating its status in the crypto landscape.
As per Santiment’s analysis, Ether’s daily active addresses have seen a significant surge. On Sept. 13, Ethereum recorded approximately 1,089,893 daily active addresses. This represents the second-highest daily active address count in Ethereum’s history. The highest count measuring to 1.03 million was observed on Dec. 9th, 2022, aligning with Ether’s retest of its bear market losses post-2021.
Adding more strength to its performance, Ethereum network’s daily transactions have also reached an all-time high according to Etherscan. On Sept. 13, the network reported 1,627,860 transactions, a remarkable uptick from its previous peak at about 1,406,000 recorded on Sept. 17, 2020.
Market analysts at Santiment suggest this spike in OnChain activity might trigger increased market volatility and pave the way for an ethereum market recovery. Ethereum’s recent market instability, which saw its price slip below the $1700 threshold, has not negated its pivotal role in the decentralized finance (DeFi) ecosystem and the smart contract space. Holding a lion’s share of $20 billion in total value, Ethereum stands tall against fledgling cryptocurrencies.
Ether’s price, much like other altcoins, is influenced by Bitcoin’s price movements and market forecasts anticipate a dip in the near future. Ethereum’s price is expected to navigate towards the next support level of approximately $1.5k. Meanwhile, it also confronts selling pressure due to the weekly and daily death crosses between the 50 and 200 Moving Averages (MA).
In the context of Ethereum’s surge in daily active addresses and transaction volume, this data serves as an encouraging sign for the vitality of Ethereum, despite the significant market instability that has recently gripped the cryptocurrency world.