Ethereum on the Verge of Huge Milestone Following Bullish Start of 2023
ETH’s price is rallying throughout the past couple of weeks. But that’s not the only news adding to Ethereum’s bullish momentum this month. The decentralized computer network is closing in on 100 million Ethereum addresses.
Crypto prices continue to swell with capital inflows as we enter the second half of January. Positive macroeconomic data continues to work its magic on asset valuations across the board.
The S&P 500 Index and NASDAQ Composite have continued their new year rally with crypto prices in tow. The strengthening correlation between crypto prices and stock prices indicates crypto’s maturity and adoption at this stage.
But the reviving Ethereum price action is not the only long-term bullish indicator materializing at the moment. Activity and usage of the Ethereum network keep sailing to new all-time highs.
A Major Milestone
The number of Ethereum addresses with a nonzero balance keeps running higher. It reached a record high of 92.5 million addresses this week, according to fresh data from Glassnode.
Active addresses on Ethereum are also on the rise, with a heavy spike in recent activity.
Active addresses are a measure of the number of unique addresses that are transacted as a sender or receiver. Only those that successfully completed a transaction are counted.
So, Ethereum users aren’t just holding their Ether. They’re using it to run programs on the network. Even though the crypto price winter took out some crypto exchanges and custodians, it has not paused demand for new addresses and transactions.
While the drama and scandal of these crypto startup failures make for some wild headlines, it doesn’t paint a true picture of the progress the crypto ecosystem is making in development, adoption, and usage.
At its current rate of growth, Ethereum addresses could hit the 100 million mark by Q2 2023.
The Ethereum Network Lives
The number of unique Ethereum addresses is seen as a good proxy indicator of the overall level of adoption. It shows Ethereum adoption is on the march.
Day traders aren’t just pushing the line for the Ethereum price up and down on a candlestick chart. People are actually adopting and using decentralized finance applications and paying ETH for gas fees to run them.
Here are some interesting ways people are using Ethereum in a list made by Consensys.
Over at NPR’s Business Desk, David Gura wrote Wednesday:
“The fallout from the catastrophic collapse of crypto exchange FTX is spreading, and a so-called “crypto winter,” which has dragged on for months, shows no signs of letting up.”