The Ethereum (ETH) Network Sees Surge in Activity with Over 1 Million Active Wallets
The Ethereum (ETH) network experienced a surge in activity on September 13, with the number of unique active wallets connected to the network reaching 1,089,893. This marks the second-highest number of unique active wallets in Ethereum’s history. Analysts at Santiment suggest that such spikes in activity may be a signal for prices to rebound. The exact reason behind this increase in activity is unclear.
FTX Liquidations Potentially Influencing Ethereum (ETH) Activity
One possible trigger for this surge in Ethereum (ETH) activity is the approval by United States Bankruptcy Judge John Dorsey for FTX to sell up to $100 Million worth of assets weekly to repay its creditors. This amount may be increased to $200 Million, but adjustments will be evaluated on a token-by-token basis. Regardless of this news and the higher-than-expected United States Consumer Price Index, the cryptocurrency market has seen a rise in value. The worldwide cryptocurrency market capitalization has increased from $1.031 trillion to $1.086 trillion, representing a $55 Billion increase.
Hot Take: Ethereum’s Active Wallet Surge Signals Probable Price Rebound
The recent surge in active wallets on the Ethereum (ETH) network may indicate a probable price rebound for Ethereum (ETH). With over 1 Million unique active wallets, this level of activity is the second-highest in Ethereum’s history. Although while the exact cause of this surge remains uncertain, some speculate that FTX’s liquidation approval and the rise in the United States Consumer Price Index may be contributing factors. Regardless of these bearish events, the overall cryptocurrency market has experienced a whole lot of increase in value. It will be interesting to see how this surge in activity impacts ETH’s price moving forward.
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