The ETH price has skyrocketed for the past two weeks. But that’s not the only news adding to Ethereum’s bullish momentum this month. The decentralized computing network is approaching 100 million Ethereum addresses.
Cryptocurrency prices continue to rise with capital inflows as we enter the second half of January. The positive macroeconomic data continues to work its magic on asset valuations across the board.
The S&P 500 Index and NASDAQ Composite have continued their new year rally with cryptocurrency prices in tow. The strengthening of the correlation between cryptocurrency prices and stock prices indicates the maturity and adoption of cryptocurrencies at this stage.
But the Ethereum price rally is not the only long-term bullish indicator materializing at the moment. Activity and usage on the Ethereum network continue to sail towards new all-time highs.
an important milestone
The number of Ethereum addresses with a non-zero balance continues to rise. It hit a record 92.5 million addresses this week, according to recent data from Glassnode.
Active addresses on Ethereum are also on the risewith a strong rebound in recent activity.
Active addresses are a measure of the number of unique addresses that are being processed as sender or receiver. Only those who successfully completed a transaction are counted.
So Ethereum users don’t just have their Ether. They are using it to run programs on the network. Although the cryptocurrency price winter wiped out some cryptocurrency exchanges and custodians, it has not stopped the demand for new addresses and transactions.
While the drama and scandal of these crypto startup failures generate some wild headlines, it doesn’t paint a true picture of the progress the developing, adopting, and using crypto ecosystem is making.
At its current growth rate, Ethereum addresses could reach the 100 million mark by the second quarter of 2023.
The Ethereum network lives
The number of unique Ethereum addresses is considered a good proxy for the overall level of adoption. It shows that Ethereum adoption is well underway.
Day traders are not just pushing the Ethereum price line up and down on a Japanese candlestick chart. People are actually adopting and using decentralized finance applications and paying ETH for gas fees to run them.
Here are some interesting ways people are using ethereum in a list made by Consensys.
At NPR’s business desk, David Gura wrote on wednesday:
“The consequences of the catastrophic collapse of crypto exchange FTX are spreading, and the so-called “crypto winter”, which has been going on for months, shows no signs of abating.”
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