- Ethereum has been listed among the crypto market’s top gainers in the last seven days.
- Ethereum recorded a hike of $412 US dollars in the following week.
In the current week, active addresses of the Ethereum network recorded a sharp hike. This hike surprised the On-chain analyst on the network and confused them with differentiating whether it was a positive or negative sign.
On 26th July Ethereum network broke its previously established record for address activities as the Ethereum network has completed 1.06 million addresses successful transactions on its ecosystem. On January 16, 2016, the number of successful transactions on the network from active addresses was around 718K.
A renowned Blockchain analysis company sentiment is working on the investigation process about the recorded hike of 48 percent in the Ethereum network from its previously established record. Till future reports of Sentiment are published, many other experts are trying to rationalize the hive of the activities.
Conor Grogan(Head strategist of Coinbase) disagreed with the claims about the hike and mentioned that the hike has nothing to do with adoption level, but “the sending and receiving address per unit gas was at a high level.”
On his Twitter handle, Conor Grogan wrote a detailed statement about the spike in the Ethereum network and added his opinion on the spike of 48percent in comparison to previously established records by the Ethereum network.
Many others believed that the hike recorded in the address activity of the Ethereum network was because of fear and excitement by the federal reserve FOMC (Federal open market committee).
According to data of The coin market cap, the highest price of Ethereum recorded in the last seven days was $1774.58 and the lowest price was around $1362, and the hike seen in a week was around $412 US dollars, and this seems to be a positive sign for the market.
According to reports of The coin republic, Ethereum is ready to expand its services and will launch its updated version of Ethereum V 2.0. The predicted date for the launch is September 19, 2022.
Source: https://www.thecoinrepublic.com/2022/07/30/ethereum-records-a-significant-increase-in-address-activity-perplexing-experts-as-the-merge-approaches/