While Bitcoin is slicing through heavy resistance at $55,000 like butter, Ethereum has been stabilising for five days in a row around the $3,500-$3,600 range.
While the price of the second-largest cryptocurrency remains stagnant, Santiment on-chain data indicates that the network has experienced substantial growth, which may be attributed to the resurgence of interest in both the DeFi and NFT industries.
The on-chain data supplied reveals a significant surge in the network growth chart, with 155,230 new addresses being registered on the network as a result of the data. This is the largest number of addresses established in a single day since May 18, when the record was set.
A rise in the number of users is regarded as a strong positive indicator since more active users on the network equate to more transactions and fees being collected.
The gradual expansion of the DeFi sector is most likely responsible for the higher growth rates on the network. Recently, the news outlet U.Today stated that the overall worth of the sector had hit a new high point of $210 billion.
In addition to DeFi, the non-financial-transactions business has regained previously lost trade volumes.
Since Ethereum continues to be the most popular chain for both the DeFi and NFT businesses, the increase in the number of addresses is expected to become a trend as long as the cryptocurrency market’s inflows of cash stay constant.
Due to Ethereum’s flirtation with the previous all-time high, more traders chose to grab their profits rather than risk another significant drop in the cryptocurrency market.
Due to the increased number of addresses joining the network, the exchange inflows are beginning to show indications of growth, however this is not considerable and does not result in any meaningful selling pressure on Ethereum.
