Ethereum Hits Record Activity – Will It Affect ETH Price?

Ethereum Hits Record Activity – Will It Affect ETH Price?
Ethereum Hits Record Activity – Will It Affect ETH Price?
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Activity on the Ethereum network is breaking records

The second largest cryptocurrency by market capitalization, Ethereum, is seeing a significant increase in activity on its network. According to data from analytics platform Santiment, the Ethereum network currently has 484,000 unique addresses that interact on the network every day.

This indicator shows the number of unique users on the Ethereum network, reflecting the growing demand and utility. A higher number of interacting addresses indicates that more users are sending and receiving transactions, creating and interacting with smart contracts, using decentralized applications (dApps), and engaging in other activities related to the Ethereum network.

A Santiment platform report highlighted that the Ethereum network is growing daily at a rate up to 28% faster than three months ago. In addition to the 484,000 unique addresses that interact with the ETH network daily, 101,000 new ETH addresses are generated every day.

ETH Rise to $4000

Standard Chartered anticipates that the United States Securities and Exchange Commission (SEC) will approve the Ethereum ETF in May of this year. The deadline for consideration of ETF applications from VanEck and Ark 21Shares is set for Tuesday, May 23.

Geoff Kendrick, Head of FX Research, West and Digital Assets Research at Standard Chartered, predicts that the price of ETH will rise to $4,000 by the predicted May 23 approval date if a Bitcoin-like trading pattern follows during the Bitcoin ETF approval process.

In addition, an equally important catalyst for the growth of ETH is the upcoming major upgrade of the Ethereum network, which received the name Dencun. This upgrade will significantly reduce transaction fees and increase speed, taking Ethereum and its entire L2 ecosystem a big step forward.

Conclusion

We are currently in a phase where the whole ecosystem around the Ethereum cryptocurrency is starting to get a lot more attention. This is mainly due to the aforementioned catalysts, which can drive the price of ETH really high. However, everything will also depend on many other factors that we cannot predict with certainty.

If you are interested in more about the Ethereum ecosystem and the opportunities it offers, you can join the WhaleZone Discord group, where we are (not only) actively engaged in this topic.

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