Recent data shows strong growth in daily usage of the Ethereum network. Regarding the number of daily active addresses, Ethereum has even surpassed Bitcoin.
As the crypto universe is full of surprises, Ethereum (ETH) has been stealing the show since last week with its on-chain record. However, the price of ETH has mostly remained stagnant.
Increasing Ethereum Daily Active Addresses
The latest data from Artemis Terminal shows a surprising change in the world of cryptocurrencies. On Sept. 13, Ethereum had more daily active addresses than Bitcoin (BTC) and BNB chain. More specifically, Ethereum saw 1.03 million daily active addresses compared to Bitcoin’s 743,800 addresses and the BNB chain’s 1.02 addresses.
However, the metric returned to its original levels after the sudden spike.
Ethereum, Bitcoin, and BNB chain daily active addresses. Source: Artemis Terminal
Santiment’s market data further confirm this growth. According to Santiment, on Sept. 13, the number of active Ethereum addresses reached 1,089,893. This number is the second highest in Ethereum’s history – the peak was reached on Dec. 9, 2022.
The growing interest in Ethereum is also reflected in another milestone: On Sept. 13, 1,627,860 transactions were recorded on the Ethereum network – a new record. For comparison, the previous record occurred on Sept.17, 2020, with approximately 1,406,000 transactions.
Role of Ethereum in World of DeFi
Even though Ethereum’s value has fallen below $1,700, the cryptocurrency remains a key player in the world of decentralized finance (DeFi) and the smart contract domain. The chain currently has a market capitalization of over $196 billion.
Click here to learn about the top 6 DeFi lending protocols.
While Ethereum stands out for its unique fundamentals, it remains strongly linked to Bitcoin’s price movements. History shows that September is usually a bearish month for the cryptocurrency market, especially before halving events.
Ethereum price is expected to decline further in the coming weeks, possibly approaching the next support zone at $1,550. It is also under significant selling pressure. The screenshot below shows that ETH has been taking resistance from the 30-day Exponential Moving Average (EMA) since late July.
Click here to learn more about the moving averages.
ETH/USDT chart from Binance. Source: TradingView
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.