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Despite Ethereum’s price remaining relatively steady, there has been a remarkable upswing in user activity, particularly regarding daily active addresses. This surge has propelled Ethereum to surpass Bitcoin (BTC) and the BNB chain.

Ethereum’s Daily Active Addresses Milestone

Ethereum witnessed an unexpected surge in daily active addresses, reaching an impressive 1.03 million on September 13, per multiple reports. This surge in user activity caught the crypto community’s attention and underscored Ethereum’s growing influence.

In comparison, Bitcoin recorded 743,800 daily active addresses, and the BNB chain tallied 1.02 million. It’s crucial to note that this significant surge was temporary, with the metric reverting to its previous levels soon after.

Market data from various sources, including Santiment, further corroborates the substantial growth in Ethereum’s user activity. On September 13, active Ethereum addresses soared to 1,089,893, the second-highest in Ethereum’s history, rivaling the December 9, 2022 peak.

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Moreover, the record-breaking day extended beyond active addresses, with the Ethereum network also processing an unprecedented 1,627,860 transactions. This surpasses the previous September 17, 2020, record, which saw approximately 1,406,000 transactions, further emphasizing Ethereum’s increasing prominence in blockchain and decentralized applications.

Ethereum’s Significance In DeFi And Smart Contracts

While Ethereum’s value may fluctuate, its role in the decentralized finance (DeFi) and smart contract domains remains integral. The platform’s blockchain is the foundation for many decentralized applications, enabling a broad spectrum of financial services and smart contract functionalities.

Meanwhile, Ethereum maintains a substantial market capitalization despite market volatility, solidifying its position in the broader cryptocurrency landscape. Despite Ethereum’s market value temporarily dipping below $1,700, its role in the DeFi and smart contract space remains pivotal.

Ethereum’s blockchain underpins many decentralized applications, enabling various financial services and smart contract functionalities. Ethereum currently boasts a market capitalization of over $196 billion, demonstrating its continued relevance and influence.

It’s worth noting that Ethereum’s price action are often linked with Bitcoin’s. Historical data reveals that September tends to be a bearish month for the cryptocurrency market, especially leading up to halving events.

BTC And ETH Whales’ Strategic Waiting Game

Meanwhile, Santiment, a leading on-chain analytics firm, makes an intriguing hypothesis. It claims that whales may be engaged in a calculated waiting game, as indicated by a noticeable decrease in large transactions, specifically those exceeding the $100,000 threshold, in 2023.

According to Santiment, this decline doesn’t necessarily signal disinterest. Instead, it implies a patient and tactical approach to the unfolding market dynamics.

As Bitcoin continues to trade a range between $26K and $27K, and Ethereum finds its stability in the $1.6K to $1.65K bracket, the number of transactions surpassing the $100K mark is currently at its lowest point in the year.

Amid this apparent caution, a distinct bullish narrative is taking shape among long-term holders. These individuals acquired Bitcoin over 155 days ago but now account for 70% of the total Bitcoin supply.

Charles Edwards, a distinguished Bitcoin analyst, opined that this phase is one of accumulation, and it is in anticipation of a significant upward surge. Notably, 57% of Bitcoins have remained dormant, untouched, for over two years.

Ali, an esteemed crypto analyst, presents an optimistic outlook, predicting a surge in BTC buying pressure that might push BTC’s price to $28,000 or $31,000. However, a dip below $24,500 could serve as an invalidation of this projection.

Shifting focus to Ethereum, Wu Blockchain reports a notable surge in the cumulative number of block calls traded, reaching an impressive 92,600 ETH within the last 24 hours. A significant player has also entered the fray, making a bold $150 million investment in ETH call options.

This trend suggests a long-term, bullish sentiment toward the digital asset. Ultimately, the recent surge in Ethereum’s daily active address underscores Ethereum’s growing influence.

At the time of this writing, ETH is trading in the green, with a 0.8% increase in value over the last 24 hours, settling at $1,638, according to Coingecko data.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.