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ethereum missed out on this week's crazy price movements. Over the past few days, bitcoin has dominated the largest crypto market, making gigantic gains that almost crossed the $73,500 mark, its best level in recent months. Other altcoins have also followed that trajectory as SOL and DOGE follow bitcoin.
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As bitcoin Retests a New October High, ethereum/” target=”_blank” rel=”nofollow”>ethereum is delayed, even touching a low of $2,322 on October 3. Since then, Ether has been slowly moving up the price charts, reaching a high of $2,721, before retracing the $2,500 level.
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crypto Network Dynamics: Analysis of address activity, transaction volume, and market dominance trends.
1/4: ethereum leads in active addresses with 43%, reflecting strong network activity. Tron follows with 21%, indicating its growing user base, with Tether and Toncoin also… pic.twitter.com/zjyjQlqXBL
– IT technology (@IT_Tech_PL) twitter.com/IT_Tech_PL/status/1851519433258205488?ref_src=twsrc%5Etfw” rel=”nofollow”>October 30, 2024
Analysts say that Ether's recent movement is due to increased on-chain activities. According to data from IntoTheBlock, the ethereum blockchain has seen an increase in addresses, outperforming other ecosystems. The blockchain accounts for 43% of all active addresses, leading other popular blockchain projects such as btc, TRX, TON and USDT.
ethereum addresses dominate
Active addresses on a blockchain are an important metric that analysts check to measure the popularity of the blockchain. According x.com/IT_Tech_PL/status/1851519433258205488″ rel=”nofollow”>Tracking on TheBlockThe ethereum blockchain remains the leader, accounting for 43% of all active addresses.
Tron is in second place, with a 27% share of all active addresses. TON by Telegram is also on InTheBlock's Top 5 list as of October 1 and offers an interesting picture of a growing user base.
Other tokens that are making significant inroads into active addresses are Tether's USDT and Toncoin. Analysts say this data indicates ethereum's dominance, particularly in adoption and network activity.
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Can we expect an eth price rally soon?
Recent active address data reveals that ethereum is currently the most active blockchain. The strength of demand and interest in DeFi projects, dApps, and even nfts can be attributed to the activity in their ecosystem.
As some blockchain analysts point out, improving network activity and adoption often increases prices. eth may surprise with an increase in active addresses and prevailing market conditions. Other on-chain data supports the blockchain. For example, its forex supply index has dropped from 0.145 to 0.141, adding to the accumulation.
What to expect from ethereum in the coming days
At the moment, ethereum” target=”_blank” rel=”nofollow”>eth is trading at $2,516, which has a weekly profit of 3.74%. There is also an increasing number of active addresses and a strong uptrend. Analysts predict that eth will retest the $2,800 mark in the coming weeks or months.
Featured image from Bankrate, TradingView chart
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