Ethereum Surpasses Bitcoin in Daily Active Addresses
Data from the Artemis Terminal reveals that Ethereum (ETH) now has more daily active addresses than Bitcoin (BTC). Ethereum boasts 1.03 million daily active addresses, while Bitcoin stands at 743,800.
Santiment’s Insights into Ethereum’s On-Chain Activity
A report by market intelligence platform Santiment provides insights into Ethereum’s on-chain activity. The analysis shows a surge in daily active addresses for Ether. On September 13, the number of daily active addresses reached approximately 1,089,893, the second-highest count in Ethereum’s history.
Additionally, data from Artemis Terminal confirms that Ethereum has surpassed Bitcoin in terms of daily active addresses.
Furthermore, data from Etherscan indicates that the number of daily transactions on the Ethereum network has reached a new all-time high on September 13 with 1,627,860 transactions. This reflects growing interest and optimism in the Ethereum network.
Analysts at Santiment believe that this increase in on-chain activity could lead to enhanced market volatility and potentially a recovery in the Ether market. Despite recent market instability, Ethereum remains a key player in decentralized finance (DeFi) and the smart contract space with around $20 billion locked in total value.
Ethereum Price Analysis
Although Ethereum has unique fundamentals as a major altcoin, its price is still heavily influenced by Bitcoin. Historically, September has been identified as a bearish month for the cryptocurrency market, especially before Bitcoin halving events.
As a result, Ethereum’s price is expected to continue its descent in the upcoming weeks and could potentially approach the next support level around $1.5k. Additionally, the digital asset faces selling pressure due to weekly and daily death crosses between the 50 and 200 Moving Averages (MA).
Hot Take: Ethereum’s Growing Dominance
Ethereum’s surpassing of Bitcoin in terms of daily active addresses is a significant milestone for the blockchain network. It demonstrates Ethereum’s growing popularity and adoption, particularly in decentralized finance and smart contracts. The surge in on-chain activity and daily transactions further solidify Ethereum’s position as a key player in the crypto market. While its price may be influenced by Bitcoin’s movements, Ethereum’s unique fundamentals and strong ecosystem make it an important asset to watch. With continued market volatility and potential recovery, Ethereum has the potential to regain its strength and attract more investors in the future.
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