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Ethereum’s On-Chain Activity Outshines Bitcoin

Ethereum Surpasses Bitcoin in Daily Active Addresses

Sep 15, 2023
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A new milestone for Ethereum as it records more daily active addresses than Bitcoin.

Recent data from the Artemis Terminal highlights a significant milestone in the cryptocurrency world, as the second-largest blockchain network in terms of market capitalization, Ethereum (ETH), has now outpaced Bitcoin (BTC) in daily active addresses.

Ethereum boasts an impressive 1.03 million daily active addresses, while Bitcoin stands at 743,800, according to the most recent statistics. Market intelligence platform Santiment delves into Ethereum's on-chain activity and observes a remarkable surge in daily active addresses for Ether. On September 13th, the number of daily active addresses reached approximately 1,089,893. This surge represents the second-highest daily active address count in Ethereum's history, with the highest count recorded on December 9, 2022, coinciding with Ether's retest of its post-2021 bear market losses.

Additionally, data from Etherscan reveals that the Ethereum network has achieved a new all-time high in daily transactions, with September 13th witnessing 1,627,860 transactions. This surge reflects a growing interest and optimism in the Ethereum ecosystem, with the previous peak recorded on September 17, 2020, reaching about 1,406,000 transactions.

Analysts at Santiment suggest that this increase in on-chain activity could set the stage for heightened market volatility and potentially lead to a recovery in the Ether market. Despite recent market instability that pushed Ethereum's price below the $1,700 threshold, the cryptocurrency remains a pivotal player in the decentralized finance (DeFi) sector and the smart contract space, boasting approximately $20 billion in total value locked.

While Ethereum retains its position as a major altcoin with distinct fundamentals, it is still influenced significantly by Bitcoin's price movements. Historically, September, particularly before Bitcoin halving events, has been viewed as a bearish month for the cryptocurrency market. As a result, Ethereum's price is anticipated to continue its descent in the coming weeks, possibly nearing the next support level around $1.5k. Furthermore, the digital asset faces substantial selling pressure due to the occurrence of weekly and daily death crosses between the 50 and 200 Moving Averages (MA).


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