In recent weeks, the cryptocurrency landscape has been marked by significant fluctuations, yet Ethereum seemed to miss out on the dramatic price changes. While Bitcoin surged towards the $73,500 threshold, marking a remarkable achievement in recent months, Ethereum remained relatively subdued. Other altcoins, including SOL and DOGE, mirrored Bitcoin’s upward trajectory.
Bitcoin’s Surge and Ethereum’s Slow Climb
This October, Bitcoin reached new highs, yet Ethereum lagged behind, even touching a low of $2,322 on October 3rd. Since that point, Ether has steadily climbed the price charts, peaking at $2,721 before experiencing a slight retracement to the $2,500 level.
Ethereum Addresses Dominate the Blockchain Space
Active addresses are a critical metric for assessing a blockchain’s popularity and usage. According to data from IntoTheBlock, Ethereum remains a leader, commanding 43% of all active blockchain addresses. This dominance highlights the robust network activity on Ethereum’s blockchain.
Currently, Ethereum is trading at approximately $2,510. Tron follows with a 27% share of active addresses, indicating a growing user base. Other notable tokens in the active address space include USDT by Tether and Toncoin, all of which point towards Ethereum’s prevailing influence in terms of adoption and network activity.
Potential for an Ethereum Price Rally
The surge in active addresses suggests Ethereum is the most active blockchain network at present. This heightened activity is largely driven by interest in decentralized finance (DeFi) projects, decentralized applications (dApps), and non-fungible tokens (NFTs) within its ecosystem. Analysts often observe that increased network activity can lead to price surges.
Additional on-chain data supports Ethereum’s potential for growth. For instance, its Exchange Supply Ratio has decreased from 0.145 to 0.141, indicating increased accumulation, which could be a precursor to a price rally.
What to Expect from Ethereum in the Coming Days
As of now, Ethereum is trading at $2,516, reflecting a weekly gain of 3.74%. With the growing number of active addresses and a strong upward trend, analysts predict that Ethereum may soon retest the $2,800 mark in the near future. This potential for increased valuation highlights the ongoing interest in Ethereum’s expansive and dynamic network.
