Ethereum Leads Blockchain Ecosystem with 43% of Active Addresses
Ethereum has not participated in recent significant price movements, as Bitcoin has surged close to the $73,500 mark. Other altcoins like SOL and DOGE have also followed Bitcoin's upward trend.
As Bitcoin approaches new highs this October, Ethereum has lagged, dropping to $2,322 on October 3rd. Ether has since increased to $2,721 before settling around $2,500.
Crypto Network Dynamics: Analyzing Address Activity, Transaction Volume, and Market Dominance Trends.
1/4: Ethereum leads in active addresses with 43%, reflecting strong network activity. Tron follows at 21%, signaling its growing user base, with Tether and Toncoin also… pic.twitter.com/zjyjQlqXBL
— IT Tech (@IT_Tech_PL) October 30, 2024
Analysts attribute Ether’s recent performance to increased on-chain activities. Data from IntoTheBlock indicates that Ethereum's blockchain accounts for 43% of all active addresses, surpassing other blockchains such as BTC, TRX, TON, and USDT.
Ethereum Addresses Dominate
Active addresses are a key metric for assessing a blockchain's popularity. According to InTheBlock tracking, Ethereum leads with 43% of all active addresses.
Tron holds second place with 27% of active addresses. TON by Telegram ranks among the top five, indicating a growing user base. Significant contributions also come from USDT by Tether and Toncoin, reinforcing Ethereum's dominance in adoption and network activity.
Can We Expect An ETH Price Rally Soon?
Current data shows that Ethereum is the most active blockchain, driven by demand for DeFi projects, dApps, and NFTs within its ecosystem. Analysts suggest that rising network activity and adoption could lead to price increases. The Exchange Supply Ratio has decreased from 0.145 to 0.141, suggesting accumulation trends.
What To Expect From Ethereum In The Next Few Days
Currently, ETH trades at $2,516, reflecting a weekly gain of 3.74%. With an increasing number of active addresses and a positive trend, analysts predict ETH may retest the $2,800 mark in the coming weeks or months.
Featured image from Bankrate, chart from TradingView