Ethereum Has 40% Active Addresses Across All Networks – Will the Price Keep Up With Ethereum
Journalist
- Ethereum has achieved over 5 million active addresses across its mainnet and Layer 2 networks.
- Despite the surge in network activity, its price remains stable, currently around $2,642.
The data indicates that Ethereum [ETH] leads among Layer 1 (L1) and Layer 2 (L2) platforms in terms of active addresses. As of October 2024, both the Ethereum mainnet and L2 networks have surpassed the milestone of 5 million active addresses.
This increase in active addresses signifies Ethereum’s growing prominence within the blockchain ecosystem. However, a critical question arises: has there been a corresponding movement in Ethereum’s price relative to this rise in network activity?
Ethereum exhibits dominance in active address growth
An analysis from IntoTheBlock reveals that Ethereum is outclassing other networks regarding growth rates for active addresses. The data demonstrates that Ethereum maintains a leading position with significant daily increases on both its mainnet and Layer 2 solutions like Arbitrum and Optimism.
Source: IntoTheBlock (
This uptick in activity has pushed Ethereum’s share of total active addresses above 40%. Several influential factors include the development and adoption rates of L2 solutions, which are vital to ETH’s overall utilization.
The numbers indicate that throughout 2024, there has been a steady increase in the number of active addresses with an especially notable spike occurring in early November. Will these developments influence Ethereum’s market value?
The current price for Ethereum stands at $2,642 as recorded on October 22, 2024. This reflects a slight decline of about 0.85% over the last day.. p>
Market fluctuations see prices toggling between $2600 to $2670 range; support levels align with its moving average median at $2485. p >
Source: TradingView
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While increased address activity suggests rising utility for ETH , current pricing does not fully capture this uptick . The Relative Strength Index shows neutrality at 57 .19 , indicating balanced market conditions without saturating either supply or demand . p >
Additionally , underlining volatility dynamics shown by Average True Range label at93 .16 suggest mild fluctuation but not substantially potent enough scenario towards radical shifts_apricot_potentially resulting merely more pronounced usage without guaranteeing stronger qualitative moves based upon dramatic external influences surrounding investor sentiment concurrent transactional market standing unique while effectually impacting larger umbrellaemand crossings values. p >
Ethereum commentary – catching up finally ? h2 >
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Read more about ETH’s price forecast from now until end_of_2023! -observation platforms tracking forwards persistently lay focus aligning based functionality initiated leads operations steadily consolidate reflections
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