Is Ethereum Back? Record 267,000 New Users Spark Speculation
03 Maio 2024 - 2:00AM
NEWSBTC
The winds of change are swirling around Ethereum, the world’s
second-largest cryptocurrency. Despite a recent price dip, the
network has witnessed a surge in new user activity, sparking a wave
of optimism. However, the outsized influence of large holders,
known as whales, continues to cast a long shadow. Related Reading:
Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On? New
Wallets Open For Business Data from blockchain analytics firm
Santiment reveals a surge in new Ethereum wallets, with a
record-breaking 267,000 created on April 28th and 29th. This influx
marks the highest two-day increase since October 2022 and suggests
a potential resurgence of interest in the Ethereum network. 📈
#Ethereum saw a milestone as April came to an end. 266.6K new
wallets were created on April 28th and 29th, the highest 2-day
stretch of network growth since October 8th and 9th, 2022. It is a
strong that $ETH continues expanding despite dipping prices.
https://t.co/SN6xqc3JXV pic.twitter.com/KDcjhY30y5 — Santiment
(@santimentfeed) May 1, 2024 This trend defies the current market
downturn, with many cryptocurrencies experiencing significant price
drops. Analysts speculate that the rise in new wallets could be
fueled by several factors, including: Anticipation of future
growth: Investors may be looking towards upcoming Ethereum upgrades
that promise improved scalability and security, betting on the
network’s long-term potential. Bargain hunters: The recent price
dip might be seen as an attractive entry point for new investors
seeking a discount on Ethereum. On Minnows And Whales While the
number of new users is encouraging, a closer look at Ethereum’s
address distribution reveals a stark disparity in holdings.
According to CoinMarketCap, a staggering 97% of Ethereum addresses
hold between $0 and $1,000 worth of the cryptocurrency. This
signifies a large pool of small-scale investors, often referred to
as “minnows.” However, the real power lies with a select few. Whale
tracking platform Clank estimates that whales, representing only
0.10% of all Ethereum addresses, control a whopping 41% of the
total circulating supply. This translates to an average holding of
nearly 10 million ETH per whale, valued at a staggering $3.7
million. Ether market cap currently at $362 billion. Chart:
TradingView.com Holding Steady: A Vote Of Confidence? Despite the
recent price decline, Ethereum appears to be weathering the storm
better than the broader crypto market. In fact, Ether is up more
than 30% year-to-date (YTD) from an opening price of about $2,282.
As of today, Ethereum sits at $3,014, with a total market
capitalization of $362 billion. Notably, the market experienced an
average decline of 8.75% over the last week, highlighting
Ethereum’s relative resilience. Source: CoinMarketCap Related
Reading: Bitcoin Slide Over? Top Analysts Unanimously Call $56,000
The Bottom Furthermore, data suggests that a majority of Ethereum
investors (74%) are long-term holders, demonstrating a strong
belief in the project’s future. This “hodling” mentality indicates
a commitment to maintaining their Ethereum positions for the long
haul, even in the face of short-term market fluctuations. Featured
image from Pixabay, chart from TradingView
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