Ethereum Bullish Signal: Adoption Hits Four-Month High Rate
10 Setembro 2024 - 5:00AM
NEWSBTC
On-chain data shows the Ethereum adoption rate has hit a four-month
high, which could be bullish for the cryptocurrency’s price.
Ethereum Network Growth Has Shot Up Recently According to data from
the on-chain analytics firm Santiment, the ETH blockchain has
recently created many wallets. The indicator of relevance here is
the “Network Growth,” which keeps track of the total number of new
addresses appearing on the network daily. Related Reading: Dogecoin
To $0.15: Analyst Explains What Could Kick Off A Fresh Rally
Naturally, an address is considered to have been used when it made
its first transaction on the chain. The Network Growth counts the
daily number of such addresses that are becoming active for the
first time. When the value of this metric is high, it means the
users have just opened up a large amount of new addresses on the
network. This could be because of new investors coming into the
market or old ones who had left earlier returning to it. The trend
can also occur when existing users open fresh addresses for
stronger privacy. In general, all of these would happen at once
whenever the metric registers a spike, so some adoption
could be assumed to be taking place on the net. On the other hand,
the low indicator implies that not many new addresses are being
created on the network, a potential sign that interest in
cryptocurrency is low. Now, here is a chart that shows the trend in
the Ethereum Network Growth over the last few months: As displayed
in the above graph, the Ethereum Network Growth observed a sharp
spike yesterday, as 126,210 new addresses appeared on the
blockchain within 24 hours. This latest value is the largest
indicator observed in more than four months, suggesting that the
asset attracts an extraordinary number of users. Generally,
adoption is bullish for any asset in the long term, as a wider user
base can provide a stronger foundation for future price moves to
grow. In the short term, though, spikes in the Network Growth can
take the coin’s price in either direction. The graph shows that
spikes in the indicator coincided with some local tops in August.
These spikes were a sign of FOMO around the price surges, and
excessive hype has never been positive for any asset, which may be
why the tops occurred. Related Reading: Why Has Bitcoin Been
Bearish Lately? CryptoQuant Head Chimes In This time around,
however, the increase in the Network Growth has come as Ethereum
has been going down instead. This surge in interest while the asset
isn’t doing so well could potentially help fuel a rebound. ETH
Price Ethereum has struggled recently, as its price is currently
under the $2,280 mark. Featured image from Dall-E, Santiment.net,
chart from TradingView.com
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