As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find the recent surge in Ethereum network activity particularly intriguing. Having witnessed the ebb and flow of various altcoins, I can confidently say that the uptick in new wallet addresses is a promising sign for Ethereum’s future.
In the past few days, there’s been a surge of activity on the Ethereum network, with a significant increase in the creation of new wallet addresses. The number of newly created Ethereum addresses per day has reached its highest point in eight months, averaging around 130,200 daily in December. This level of network activity hasn’t been observed since April.
As the cost of Ethereum approaches a potential surge beyond $4,000, this renewed action suggests that the $5,000 price mark is becoming more and more likely as well.
Ethereum’s Network Activity Hits New Heights
The surge in newly created Ethereum wallets suggests a growing curiosity and investment among users and potential investors. This intriguing trend can be observed via the Network Growth indicator provided by Santiment, a well-known platform for on-chain analysis.
Based on Network Growth analysis, there’s been a consistent increase in the formation of new Ethereum wallets since early November. This upward trend has nearly doubled the daily new wallets since then. Currently, the Ethereum network is experiencing approximately 130,200 new wallets being created daily. Notably, the current growth spike in the Ethereum network activity is at its peak in eight months, comparable to the bustle seen in March and April.
As an analyst, I’ve noticed that the surge in Ethereum’s activity aligns with data from IntoTheBlock, a trusted on-chain analytics provider. According to their findings, transaction activity on the Ethereum blockchain is currently matching the intensity we saw back in March 2024 – a time when Ethereum’s price surpassed $4,000 once more.
Specifically, according to IntoTheBlock’s data, there have been a significant number of large transactions worth $100,000 and above, totaling approximately $68.23 billion over the last seven days. This is among the highest weekly transaction volumes recorded this year.
Can Renewed Interest Push Ethereum Price Towards $5,000?
A renewed enthusiasm surrounding Ethereum could potentially lead it to reach fresh record highs in the near future. For most of this year, Ethereum’s price has fluctuated between $4,000 and $2,220, but it hasn’t yet surpassed its all-time high levels like Bitcoin and Solana, two leading cryptocurrencies in its category.
It’s worth noting that while Ethereum holds the biggest share in the altcoin market, it is possible to make a case that its performance, in comparison to other significant players such as Solana and XRP, has been relatively less impressive.
On the other hand, increased activity on the network might provide the necessary impetus for a bullish trend. At present, the Ethereum price is attempting to surpass the resistance at $4,000 after testing it within the past 24 hours. This follows a series of investments into U.S.-based Spot Ethereum ETFs, which recorded a weekly inflow of $854.85 million last week, its highest since inception.
Initially, we need a continuous rise surpassing the $4,000 mark. Once Ethereum’s price crosses that threshold, it could pave the way for reaching $5,000 either towards the end of 2024 or early in 2025.
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2024-12-15 06:41