After a long time the global crypto market started getting back on track as prices rallied following the positive macroeconomic situations. Cryptocurrencies including major crypto assets like Bitcoin (BTC) and Ethereum (ETH) also witnessed significant growth during the time. However, it’s not the price that is on rise, especially for the smart contract native cryptocurrency.
Recently it was reported that about 100 million Ethereum addresses hit over the decentralized blockchain network. Given the inflows of capital within the industry the prices of crypto assets continued to rise since the start of this year.
With the rise in cryptocurrency values, the S&P 500 Index and NASDAQ Composite have kept rising. Cryptocurrency is currently mature and widely adopted, as seen by the rising link between its pricing and stock prices.
However, there are other long-term bullish indicators that are currently manifesting besides the revived price action of Ethereum. The Ethereum network’s usage and activity continue to soar to new all-time highs.
A growing number of Ethereum addresses have a balance that is not zero. According to recent data from Glassnode, it reached a new high of 92.5 million addresses this week.
With a significant increase in recent activity, the number of active Ethereum addresses is also rising. The amount of distinct addresses used as a sender or receiver is measured by the number of active addresses. Only those who successfully finished a transaction are counted.
Therefore, Ethereum users aren’t merely keeping their Ether. They are utilizing it to run programmes across the network. The demand for new addresses and transactions has not abated, even if the crypto price freeze forced some crypto exchanges and custodians out of business.
While the drama and scandal surrounding these cryptocurrency company failures make for some outrageous headlines, they don’t really reflect the advancements the crypto ecosystem is making in terms of development, adoption, and usage.
Ethereum addresses could reach 100 million by Q2 2023 if growth continues at its current rate. A reliable proxy indicator of the total amount of adoption is thought to be the number of unique Ethereum addresses. It demonstrates that adoption of Ethereum is rising.
The price of Ethereum is not merely being moved up and down by day traders on a candlestick chart. Decentralized banking applications are in fact being adopted and used by users, who pay ETH in gas costs to keep them running. In a list created by Consensys, here are some intriguing uses for Ethereum that others are making.
Source: https://www.thecoinrepublic.com/2023/01/22/ethereum-witnessing-significant-achievements-since-start-of-the-year/