Ethereum on the verge of a major milestone after the bullish start of 2023
Crypto prices continue to swell with capital inflows as we enter the second half of January. Positive macro data continues to work its magic on asset valuations across the board.
The S&P 500 Index and NASDAQ Composite continued their New Year’s rally with crypto prices in tow. The strengthening of the correlation between crypto prices and stock prices indicates the maturity and adoption of crypto at this point.
But the revival of Ethereum’s price action isn’t the only long-term bullish indicator materializing at the moment. Ethereum network activity and usage continues to navigate new all-time highs.
A major step
The number of Ethereum addresses with a non-zero balance continues to grow. It hit a record 92.5 million addresses this week, according to new data from Glassnode.
Active addresses on Ethereum are also on the risewith a strong recent peak of activity.
Active addresses are a measure of the number of unique addresses that are treated as sender or receiver. Only those who have successfully completed a transaction are counted.
So, Ethereum users are not just holding their Ether. They use it to run programs on the network. Even though the crypto price winter has taken down some crypto exchanges and custodians, it has not halted the demand for new addresses and transactions.
While the drama and scandal of these crypto startup failures grab headlines, they don’t paint a true picture of the progress the crypto ecosystem has made in development, adoption, and usage. .
At its current rate of growth, Ethereum addresses could hit the 100 million mark by Q2 2023.
The Ethereum network lives
The number of unique Ethereum addresses is considered a good proxy indicator of the overall level of adoption. This shows that Ethereum adoption is on the way.
Day traders don’t just push the Ethereum price line up and down on a candlestick chart. People are actually adopting and using decentralized finance apps and paying gas fees to ETH to run them.
Here are some interesting ways people use Ethereum in a list compiled by Consensys.
At NPR’s business office, David Gura written on wednesday:
“The fallout from the catastrophic collapse of crypto exchange FTX is spreading, and a so-called ‘crypto winter,’ which has been going on for months, shows no signs of letting up.”
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