Ethereum experienced a rise in new addresses established, with 135,780 new ETH addresses added
The Ethereum (ETH) network, which formally transitioned from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake (PoS) method following the Merge update, is now displaying some hopeful signals after boosting the number of addresses added to the network, ‘hinting to a breakout.’
Indeed, according to statistics gathered by Finbold from behavior analysis platform Santiment on October 9, Ethereum had an increase in new addresses formed on October 8, with 135,780 new ETH addresses added to the network, the largest since December 7, 2021.
ETH number of new addresses | Source: Santiment
The platform reports 11.1% higher network growth over the previous best of 2022 on January 3 and the greatest since December 7, 2021. According to Santiment, ‘utility hikes frequently precede possible asset breakouts.’
A spike in the number of unique addresses transferring Ethereum for the first time shows that Ethereum may be gaining momentum in the market, recovering its footing after suffering huge losses as a result of the selling pressure caused by the Merge.
According to Glassnode, a cryptocurrency analytics company, the number of new addresses added to the Ethereum network just reached an all-time high on October 10. More tellingly, the number of addresses holding more than one ETH grew, indicating that affluent investors were migrating to the Ethereum network.
ETH number of addresses holding 1+ coins | Source: Glassnode
The acceleration in the network’s expansion and the sharp increase in the number of addresses indicated that an increasing number of individuals were becoming interested in Ethereum.
However, despite the growing interest in Ethereum, there has not been a significant increase in the number of transactions on the network.
The total number of transactions conducted on Ethereum saw a steep drop. In addition, at the time this article was written, the total number of Ethereum transactions dropped to a level not seen in 21 months over the 7-day moving average.
At the same time, Ethereum’s social activity has been moving downward after the Merge update, recording 8.46 million social mentions and 24.07 billion social engagements as of October 6.
Currently, Ethereum is trading at $1,312, down 0.39% in the last 24 hours but up 1.60% across the previous week, with a total market cap of $160 billion, according to CoinMarketCap data.
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