Ethereum witnesses second-highest historical on-chain activity

Ethereum witnesses second-highest historical on-chain activity

The Ethereum 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 could be a signal for prices to rebound. The exact reason behind this increase in activity is unclear.

FTX Liquidations Potentially Influencing Ethereum Activity

One possible trigger for this surge in Ethereum activity is the approval by U.S. Bankruptcy Judge John Dorsey for FTX to sell up to $100 million worth of assets weekly to repay its creditors. This amount could be increased to $200 million, but adjustments will be evaluated on a token-by-token basis. Despite this news and the higher-than-expected U.S. Consumer Price Index, the crypto market has seen a rise in value. The global crypto 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 Potential Price Rebound

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The recent surge in active wallets on the Ethereum network may indicate a potential price rebound for ETH. With over 1 million unique active wallets, this level of activity is the second-highest in Ethereum’s history. While the exact cause of this surge remains uncertain, some speculate that FTX’s liquidation approval and the rise in the U.S. Consumer Price Index could be contributing factors. Despite these bearish events, the overall crypto market has experienced a significant increase in value. It will be interesting to see how this surge in activity impacts ETH’s price moving forward.

Ethereum witnesses second-highest historical on-chain activity
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