Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising?

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As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of bull and bear runs. Currently, the dynamics of Ethereum are intriguing, to say the least. While Bitcoin has been stealing the limelight this week, Ethereum’s resilience and dominance in active addresses are worth noting.

This week, Ethereum wasn’t part of the dramatic price fluctuations. For a few days now, Bitcoin has been leading the major cryptocurrency market with impressive jumps, approaching nearly $73,500 – its highest in recent times. Similar patterns have been seen in other alternative coins like SOL and DOGE as they tend to follow Bitcoin’s lead.

Currently, Bitcoin is hitting new heights this October, while Ethereum appears to be falling behind. In fact, on October 3rd alone, Ethereum touched a low of $2,322 – a significant drop compared to last October. However, since then, Ethereum has been gradually climbing the price ladder, peaking at $2,721 before dipping back down to around $2,500.

As a crypto enthusiast, I’m always keen on understanding the dynamics of my chosen networks. This involves closely examining the activity of addresses, the volume of transactions, and tracking trends in market dominance.

1/4: Ethereum dominates in terms of active users, accounting for 43% of the total, demonstrating a robust network. Meanwhile, Tron is catching up with 21%, suggesting an expanding community, while Tether and Toncoin also…

— IT Tech (@IT_Tech_PL) October 30, 2024

According to analysts, Ether’s recent shift can be attributed to a rise in on-chain actions. As per IntoTheBlock’s data, Ethereum’s blockchain has experienced an uptick in the number of addresses, surpassing other ecosystems. The blockchain currently hosts approximately 43% of all active addresses, outnumbering well-known competitors such as Bitcoin, Tron, TON, and USDT.

Ethereum Addresses Dominate

The active addresses in a blockchain are an important metric that analysts check to gauge the blockchain’s popularity. According to InTheBlock tracking, the Ethereum blockchain remains the leader, accounting for 43% of all active addresses.

In second place we find Tron, accounting for approximately 27% of all currently active wallets. Additionally, TON by Telegram has secured a spot among the top five in InTheBlock’s ranking as of October 1st. This suggests a growing user community for this platform.

Tokens like Tether’s USDT and Toncoin are seeing substantial progress in the number of active addresses. This trend suggests that while Ethereum remains dominant, it may be facing challenges in areas such as adoption and network activity, according to analysts.

Can We Expect An ETH Price Rally Soon?

Recent data from active addresses reveal that currently, Ethereum is the most active blockchain. The strength of demand and interest for DeFi projects, dApps, and even NFTs can be ascribed to activity in its ecosystem.

From my perspective as a researcher, I’ve observed that enhanced network activity and adoption tend to boost prices in the blockchain landscape. Interestingly, Ethereum (ETH) seems poised for surprise with a rise in active addresses, given the current market climate. Furthermore, other on-chain indicators corroborate this trend. For instance, its Exchange Supply Ratio has dipped from 0.145 to 0.141, suggesting increased accumulation, which could potentially lead to price appreciation.

What To Expect From Ethereum In The Next Few Days

At the moment, Ethereum (ETH) is trading at approximately $2,516, reflecting a 3.74% increase over the past week. The number of active addresses has been steadily rising, and there’s a clear upward trend. Analysts anticipate that ETH might revisit the price point of around $2,800 within the upcoming weeks or months.

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2024-11-01 22:17