Ethereum Nears Another Milestone Ahead Of Merge, Rally Incoming?
05 Settembre 2022 - 07:00PM
NEWSBTC
Ethereum has been hitting different milestones in the last year.
However, with the announcement of a set date for the move to proof
of stake, aka the ‘Merge,’ there has been a flurry of activity on
the network, pushing it towards even more impressive records. This
time around, the milestone has come in the form of the total number
of unique active addresses on the network. Nearing 205
Million The rate at which new unique and distinct Ethereum
addresses are being added to the network has seen an incredible
push. In just 2022 alone, there have been more than 21 million
distinct addresses added to the network. The daily rate for growth
is at almost 62,000 wallets. Related Reading: Crypto Market Remains
Extremely Fearful As Bitcoin Struggles At $20,000 Presently, the
total number of distinct ETH addresses is sitting above 204.6
million. Going by the current daily rate, it will take less than
one week for the total number of addresses on the Ethereum network
to hit a new all-time high of 205 million. To put in
perspective how significant this milestone is, 5 years ago, in
2017, there were only about 18.4 million distinct ETH addresses.
This means that the number of ETH addresses has risen more than
1,000% in the last half a decade. ETH holds above $1,500 |
Source: ETHUSD on TradingView.com If the number of ETH distinct
addresses continues to grow at the current rate, then this number
will be at almost 220 million by the time 2022 draws to a close.
Another Rally For Ethereum? When the date for the Ethereum Merge
had first been announced, ETH had gone on an impressive bull rally
that had seen its price touch $2,000. The hype had died down, and
ETH’s price had fallen back to $1,500, but as the Merge draws
closer than ever, the crypto market has turned its gaze to the
altcoin. The Ethereum Merge is now only less than two weeks away,
and the price of ETH continues to hold steady even when declines
rock the market. Activity has ramped up, leading one to believe
that this renewed interest could trigger more demand for the
digital asset. Related Reading: A Date For The Mt. Gox Repayment Is
Set, How Will This Affect Bitcoin? It is also important to keep in
mind that staking activity remains on the rise, and there are now
more than 13.5 million ETH staked, accounting for about 12% of the
total circulating supply. As more investors turn towards staking to
earn rewards, the reduction in supply could lead to a short squeeze
that could trigger a rally, if only for a short time. If the Merge
goes as expected, there is likely to be competition between the new
POS ETH and the forked POW ETH. Such competition can trigger a
rally, although it would be a volatile one. Nonetheless, the price
of ETH may retest $2,000 by the time the Merge is completed.
Featured image from CNBC, chart from TradingView.com Follow Best
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