Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising?
01 Novembre 2024 - 6:00PM
NEWSBTC
Ethereum missed out on this week’s crazy price movements. For the
last couple of days, Bitcoin has dominated the bigger crypto
market, making gigantic strides almost crossing the $73,500 mark
for its best in recent months. Other altcoins have also followed
that trajectory as SOL and DOGE trail Bitcoin. Related Reading:
Analyst Eyes $6,000 For Ethereum As Key Support Level Emerges –
Details As Bitcoin retests a new high this October, Ethereum lags,
even touching a low of $2,322 last October 3rd. Since then, Ether
has slowly inched its way up the price charts, reaching as high as
$2,721, before re-tracing the $2,500 level. 🧵 Crypto Network
Dynamics: Analyzing Address Activity, Transaction Volume, and
Market Dominance Trends. 1/4: Ethereum leads in active addresses
with 43%, reflecting strong network activity. Tron follows at 21%,
signaling its growing user base, with Tether and Toncoin also…
pic.twitter.com/zjyjQlqXBL — IT Tech (@IT_Tech_PL) October 30, 2024
Analysts say Ether’s recent move is due to increased on-chain
activities. Based on IntoTheBlock data, Ethereum’s blockchain has
seen an increase in addresses, beating other ecosystems. The
blockchain accounts for 43% of all active addresses, leading other
popular blockchain projects like BTC, TRX, TON, and USDT. Ethereum
Addresses Dominate The active addresses in a blockchain are an
important metric that analysts check to gauge the blockchain’s
popularity. According to InTheBlock tracking, the Ethereum
blockchain remains the leader, accounting for 43% of all active
addresses. Tron comes in second, with a 27% share of all active
addresses. TON by Telegram is also in the Top 5 list of InTheBlock
as of October 1st, and it offers an interesting picture of an
increasing user base. Other tokens making significant inroads in
active addresses are USDT by Tether and Toncoin. Analysts say this
data indicates Ethereum’s dominance, particularly in adoption and
network activity. Related Reading: Cardano To Soar 22X? Analyst
Sees Opportunity Despite On-Chain Decline Can We Expect An ETH
Price Rally Soon? Recent data from active addresses reveal that
currently, Ethereum is the most active blockchain. The strength of
demand and interest for DeFi projects, dApps, and even NFTs can be
ascribed to activity in its ecosystem. As some blockchain analysts
note, improving network activity and adoption often increases
prices. ETH can surprise with increased active addresses and
prevailing market conditions. Other on-chain data support the
blockchain. For example, its Exchange Supply Ratio is down to 0.141
from 0.145, increasing accumulation. What To Expect From Ethereum
In The Next Few Days Currently, ETH trades at $2,516, which has a
weekly gain of 3.74%. There are also an increasing number of active
addresses and strong uptrend. Analysts predict ETH to retest the
mark of $2,800 in the coming weeks or months. Featured image from
Bankrate, chart from TradingView
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