As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current sentiment towards Ethereum (ETH) seems to be leaning more towards the latter, and it’s not hard to see why.
The general opinion about Ethereum (ETH) has become more pessimistic, mainly because of its unstable recent price fluctuations. This pessimism is apparent in the significant drop – a staggering 43% – in new active addresses on the network, suggesting a decrease in activity and investor trust.
New Active Addresses On Ethereum Decline
According to data from The Block, there’s been a significant drop in the number of newly active Ethereum addresses over the last three months, which is quite surprising and suggests a decrease in Ethereum’s network activity.
Between June 27th and early July, the number of active Ethereum network addresses peaked at approximately 138,620 before significantly decreasing to roughly 89,000. In August, this figure fluctuated between 80,000 and 95,000 but rose back above 100,000 by the end of the month.
Even though Ethereum’s price has surged recently, the number of new active addresses on its network plunged to around 78,100 on September 24, representing a steep 23.43% decline. Remarkably, the current figure for new active addresses remains below 80,000, indicating a more than 44% drop compared to the last three months.
Contrasting with June 9th when the Ethereum network saw a significant spike in active addresses, reaching 702,857, we’re currently seeing a 5.69% drop. Furthermore, on September 22nd, the count of active addresses plummeted significantly to 574,073, representing an 18.32% decrease from the peak recorded on June 9th.
Generally speaking, when the number of new active addresses on a cryptocurrency network decreases, it often suggests less user involvement, which in turn leads to reduced network activity and transaction volume. For instance, data from IntoTheBlock reveals that while the total large transaction volume on Ethereum reached 2.91 million on July 5th, it dropped to 1.79 million by September 29th, representing a significant decrease of approximately 38.4%.
Although there’s been a decrease in new active Ethereum addresses, it’s worth noting that activity on the Ethereum network appears to be increasing, according to market intelligence platform Santiment. This surge in network activity, however, seems to correspond with a notable rise in gas fees as well.
ETH Loses Top Spot In DEX Volume Rankings
On September 25th, Solana (SOL) surpassed Ethereum as the cryptocurrency with the highest 24-hour Decentralized Exchange (DEX) trading volume. This was due to a significant 39.77% rise in SOL’s DEX volume, reaching an impressive $1.123 billion.
Currently, the trading volume for Ethereum’s Decentralized Exchanges was around $1.118 billion, marking an 8.92% increase. For a moment, Solana garnered attention, but Ethereum quickly bounced back and has maintained its top position ever since.
Currently, the daily trading volume for this cryptocurrency has jumped by 11% to reach approximately $1.56 billion, as reported by DeFiLama. Meanwhile, Solana saw a more substantial increase of 32.94%, but its volume remains lower than Ethereum’s at about $1.25 billion.
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2024-09-28 06:40