15 Sep 2023 Anthony Lehrman
Ethereum Daily Active Addresses Eclipse Bitcoin’s; What Does It Mean For The Crypto Market?
According to data from the Artemis Terminal, the number of Ethereum's daily active addresses, the second-largest blockchain network by market capitalization, has surpassed Bitcoin (BTC).
The most recent figures show that there are 1.03 million daily active addresses on Ethereum, compared to 743,800 on Bitcoin.
The on-chain activity study of Ethereum shows a rise in the number of daily active addresses for Ether, according to research by market intelligence platform Santiment.
On September 13, there were around 1,089,893 active addresses each day. The greatest count was registered on December 9, 2022, concurrent with Ether's retest of its post-2021 bear market losses, making this spike the second-highest daily active address count in Ethereum's history.
According to data from the Artemis Terminal, Ethereum currently has 1.03 million more daily active addresses than Bitcoin, which only has 743,800.
With 1,627,860 transactions on Sept. 13, according to data from Etherscan, the number of daily transactions on the Ethereum network reached a new record high, indicating increased interest and optimism. On September 17, 2020, there was a peak that was measured that was approximately 1,406,000.
According to analysts at Santiment, this rise in on-chain activity may lead to greater market volatility and even a comeback in the Ether market. With almost $20 billion in total value locked, Ethereum still plays a significant role in the decentralized finance (DeFi) ecosystem and the smart contract area, despite recent market volatility that drove its price below the $1,700 level.
Even while Ethereum continues to be a prominent alternative coin with distinctive foundations, Bitcoin's price changes continue to have a big impact on it. Historically, September has been noted as a gloomy month for the cryptocurrency market, especially prior to Bitcoin halving events.
As a result, it is anticipated that Ethereum's price will continue to decline over the next weeks, perhaps even getting close to the next support level of about $1.5k. Additionally, the weekly and daily death crosses between the 50 and 200 Moving Averages (MA) have caused significant selling pressure on the digital asset.
What about Bitcoin?
The biggest cryptocurrency in the world, Bitcoin (BTC), has recovered to $26,500 levels and has been holding there for a while. The announcement of FTX's creditor liquidation has caused this week's Bitcoin price to fluctuate quite a bit. However, Bitcoin has recently experienced a substantial spike in network activity.
According to Santiment, Bitcoin has continued to experience 5-month high levels of unique address activity, with 1.1 million BTC addresses on average actively sending and receiving coins per day. Additionally, today's profit-taking reached its greatest level in two months as a result of the recent 5% price increase during the previous three days.
Michael van de Poppe, a well-known cryptocurrency analyst, thinks that bitcoin may not decline as much as predicted. The market has received significant support from news of the debut of crypto custodial solutions by Deutsche Bank, for example.
It appears that support should hold at higher price levels, according to Poppe, who notes that we've seen a price sweep at the $25,000 level.
In this case, the market must maintain levels between $25,600 and $25,900 because a break below these levels is likely to result in a series of stop-loss orders being placed before significant price changes can take place.
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