- Ethereum saw close to 350 new addresses in the last three days.
ETH volume has climbed over $13 billion.
As a researcher with extensive experience in the cryptocurrency market, I’ve been closely monitoring Ethereum [ETH] and its recent developments. The surge in new addresses and increased volume are noteworthy indicators of potential growth.
I’ve observed a notable uptick in Ethereum’s [ETH] price lately, propelling it back above the $3,000 threshold. In tandem with this price increase, the number of Ethereum addresses has swelled to figures last seen in the year 2022.
Did this spike in new addresses lead to increased activity on the network?
Ethereum new addresses retest record number
Based on Santiment’s data, Ethereum saw the greatest number of new addresses being created in a single day between May 4th and 5th, representing a significant milestone not seen since almost two years ago.
The daily new address count on the chart exceeded 196,700, marking a significant milestone not reached since October 8, 2022.
Subsequent analysis of the network growth chart revealed a gradual deceleration in this surge.
As a crypto investor, I’ve noticed that the number of new cryptocurrency addresses being created each day has significantly decreased. By the end of trading on May 6th, there were approximately 115,000 new addresses formed. However, as I write this, the daily new address count has dropped even further to around 33,000.
As a crypto investor, I wasn’t taken by surprise when Ethereum reached and even surpassed the $4,000 mark again this year. Its previous encounters with this price level hinted at this possibility.
It’s likely that the recent surge in new Ethereum addresses signals Ethereum’s ability to challenge and potentially exceed its previous price peak. Previously, a similar increase in addresses was observed in October 2022, followed by a significant price rise several months later.
New Ethereum addresses yet to become active
In general, there has been a significant increase in the number of daily active Ethereum addresses since March. According to AMBCrypto’s analysis, this figure has persistently stayed above 500,000, dropping below that mark seldomly as depicted in the chart below.
On the fourth and fifth of May, the numbers stood approximately at 560,000 and 556,000 respectively, with no noticeable patterns emerging. By the end of trading on the sixth, the figure had dropped to 536,000.
Also, as of this writing, the count was around 160,000.
As an analyst, I’ve noticed a notable increase in the number of new addresses joining our network lately. However, their presence hasn’t significantly influenced the overall network activity just yet. It’s possible that these newcomers are merely observing from the sidelines before actively participating.
Ethereum volume goes over $10 billion
As a researcher studying Ethereum’s market trends for AMBCrypto, I discovered that the recent surge in new addresses joining the network didn’t result in any noticeable increase in trading volume.
Realistic or not, here’s ETH market cap in BTC’s terms
As a crypto investor, I observed that the chart showed a recent drop in trading volume, despite a surge in new addresses reaching record highs on a given day. Surprisingly, the trading volume failed to exceed $10 billion during this period.
I analyzed the data and found that the volume didn’t exceed $12 billion until the 6th of May. Currently, based on the most recent figures, the volume hovers around $13 billion.
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2024-05-07 13:11