Ethereum Active Addresses Surpass Bitcoin
Since its inception, Ethereum has been regarded as a potential rival to Bitcoin, and in recent years, the competition between the two has intensified. Now, Ethereum seems to be catching up with Bitcoin, particularly in terms of active addresses.
Surprising Update on Ethereum’s Active Addresses
In a recent report by Santiment, it was revealed that the number of unique addresses transacting on the Ethereum network had reached its second-highest daily figure ever recorded. This milestone is not only significant for the blockchain itself but also highlights the growing competition between Ethereum and Bitcoin.
The reported figure of 1,089,893 active addresses puts Ethereum ahead of Bitcoin in this metric alone. The last time such a high number of daily active addresses was observed was in December 2022, indicating a unique driving factor behind this recent surge.
Furthermore, another report from Artemis Terminal confirms that Ethereum surpassed Bitcoin in terms of daily active addresses on September 13. However, as of September 14, Bitcoin has regained its lead.
What Does This Mean?
Although Ethereum’s surge in active addresses is impressive, it may not hold much significance as the network has struggled to sustain this growth. The spike can be largely attributed to the popularity of the decentralized finance social media platform called Friend.Tech, which operates on the Ethereum blockchain.
Friend.Tech experienced a resurgence and achieved a new all-time high in daily users. Since participation in the platform requires an ETH address, it is expected that there would be an increase in active addresses on the Ethereum network.
Despite this surge in active addresses, it has had minimal impact on the price of ETH itself. The cryptocurrency is still struggling to maintain a price above $1,600, with slight gains in the past day and losses over the past week.
Hot Take: Ethereum’s Growing Active Addresses Challenge Bitcoin
The recent increase in Ethereum’s active addresses demonstrates its growing popularity and potential to rival Bitcoin. While the surge may be influenced by factors such as the success of decentralized finance platforms like Friend.Tech, it highlights Ethereum’s ability to attract users and support a wide range of applications. However, it remains to be seen whether Ethereum can sustain this growth and surpass Bitcoin in other key metrics. As the competition between these two cryptocurrencies intensifies, it will be interesting to observe how they continue to evolve and shape the future of blockchain technology.
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