By Solomon Odunayo
Despite the current situation of cryptocurrencies in the market, the number of new Ethereum (ETH) addresses has not ceased increasing.
According to the data provided by a crypto analytics firm, CoinMetrics, the number of Ethereum addresses recently hit an all-time high of 771,000.
Going by the report, the recent record has now surpassed the previous records set in November 2020 and January 2018.
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CoinMetrics tweeted, “This week, Ethereum active addresses hit an all-time high of 771k, surpassing the previous records set in November, 2020 (739k) and January, 2018 (735k).”
This week, #Ethereum active addresses hit an all-time high of 771k, surpassing the previous records set in November, 2020 (739k) and January, 2018 (735k). pic.twitter.com/CUKTl2mi9n
— CoinMetrics.io (@coinmetrics) April 23, 2021
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Number of Ethereum (ETH) Unique Addresses On a Steady Increase
There has been a high network activity on the Ethereum blockchain, which is the result of the steady increase in the number of unique addresses.
According to the leading Blockchain explorer, search, API, and analytics platform for Ethereum, EtherScan.io, the Ethereum network currently has over 148 million unique addresses.
The blockchain analytics firm illustrated the steady increase via a chart provided. According to the chart, the growth and the use of the Ethereum network have been steady since the inception of the leading smart contract platform.
Additionally, the steady increase in network activity on the Ethereum network is a major reason to remain bullish on the price of the digital token ADA. It’s worth noting that the necessary metrics around Ethereum keep increasing, despite the high gas fees on the network initiated by congestion.
However, the Ethereum Improvement Proposal (EIP) 1559 is coming to proffer solution to the issue with high gas fees plaguing the network. The implementation of EIP-1559 is estimated to play out along with the London upgrade in July 2021.
Read Also: Last Quarter, Ethereum Settled $1.5 Trillion While PayPal Settled $936 Billion Throughout 2020
Meanwhile, Ethereum (ETH) is still struggling to sustain its balance following the significant price dip that affected virtually all cryptocurrencies in the market, including Bitcoin (BTC).
At the time of filing this report, ETH is trading at $2,189.77, with a 3.23% price downtrend in the last 24 hours.
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