Ethereum active addresses on the network have surpassed previous highs from January 2018, and November 2020

According to information from crypto research and analysis firm Coinmetrics, active addresses on the Ethereum network have risen to an all-time high of 771,000 addresses. This number surpassed previous records from January 2018, with 735,000 active addresses. As with November 2020, a new high is set at 739,000.

Active Ethereum addresses on the network reach a new all-time high of 771,000

Ethereum’s active addresses have surpassed previous highs between January 2018 and November 2020. New highs inactivity on the network emerged the same week as Ethereum hit a new all-time high.

The Ethereum network has been busy this week. The world’s second-largest cryptocurrency hit a new all-time high of $ 2,644 reached earlier in the week. Along with a new all-time high-performing address on the ethereum network also hit new highs.

Each new high has been driven by specific market conditions. The rise of Initial Coin Offerings (ICOs) in late 2017 could be the precursor to rapid growth on Ethereum, which saw Ethereum addresses in action peaking in early 2018.

November 2020 sees an increase in decentralized financial (DeFi) applications, as the popularity of decentralized exchanges (DEXs) like Uniswap begin to take shape. This culminated in Ethereum’s active addresses on the Blockchain. However, it seems once again that Ethereum active addresses have risen sharply.

Ethereum has seen mainly bullish price action in 2021, consistently breaking new highs. The popularity of ethereum continues to grow. Most recently, Rothschild Investments purchased 265,302 shares in Grayscale’s Ethereum Trust, totaling $4.75 million.

Signaling that investment firms are currently looking at expanding from mainly holding bitcoin, to diversifying into other major cryptocurrencies like Ethereum.

While Ethereum is currently grappling with high gas fees, the network will get some major upgrades this year to minimize high transaction costs. Following the activation of the Berlin fork, the London fork will take place in July. This could be a strong indicator of more bullish market behavior for ethereum by 2021.

While other blockchain projects seek to capitalize on the weaknesses of Ethereum. Weiss Crypto recently stated in a tweet that there are currently no ETH killers, nor will there be for a while.

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