The world of cryptocurrencies is never short of surprises, and this time Ethereum (ETH) steals the spotlight. Recent data reveals a significant increase in the daily usage of the Ethereum network, surpassing even Bitcoin in terms of daily active addresses. In this article, we will delve into the details of Ethereum’s achievement, explore the role of Ethereum in the world of decentralized finance (DeFi), and examine the potential impact on its price.
Ethereum Surpasses Bitcoin in Daily Active Addresses
According to the latest data from Artemis Terminal, Ethereum witnessed a remarkable milestone on September 13th. On that day, Ethereum had more daily active addresses than Bitcoin and the BNB chain. Ethereum recorded 1.03 million daily active addresses, compared to Bitcoin’s 743,800 addresses and the BNB chain’s 1.02 million addresses. However, this surge was temporary, and the metric returned to its original levels shortly after.
Growing Interest in Ethereum
Santiment’s market data further confirms the growth of Ethereum’s daily active addresses. On September 13th, the number of active Ethereum addresses reached 1,089,893, marking the second-highest number in Ethereum’s history. The peak was previously reached on December 9, 2022. This surge in active addresses is indicative of the growing interest in Ethereum and its underlying blockchain technology.
In addition to the increase in active addresses, the Ethereum network also experienced a surge in transactions. On September 13th, a new record of 1,627,860 transactions was recorded on the Ethereum network. This surpassed the previous record of approximately 1,406,000 transactions on September 17, 2020. These figures highlight the significant role that Ethereum plays in facilitating decentralized transactions and smart contracts.
Ethereum’s Role in the World of DeFi
Despite the recent stagnation in Ethereum’s price, the cryptocurrency remains a key player in the world of decentralized finance (DeFi) and the smart contract domain. With a market capitalization of over $196 billion, Ethereum continues to attract developers, investors, and users looking to leverage its robust and secure ecosystem.
DeFi platforms built on the Ethereum blockchain offer users a wide range of financial services, including lending, borrowing, and decentralized exchanges. These platforms enable individuals to access financial services without the need for intermediaries, such as banks. Ethereum’s smart contract capabilities allow for the automation and execution of complex financial agreements, providing transparency and security for users.
Ethereum’s Price Outlook
While Ethereum’s fundamentals and growing adoption in the DeFi space are promising, it is important to consider the potential impact on its price. Historically, Ethereum’s price has been closely linked to Bitcoin’s price movements. September has traditionally been a bearish month for the cryptocurrency market, especially before halving events. As a result, Ethereum’s price is expected to face further downward pressure in the coming weeks, potentially approaching the next support zone at $1,550.
Technical analysis of Ethereum’s price chart reveals significant selling pressure since late July. The cryptocurrency has been taking resistance from the 30-day Exponential Moving Average (EMA). Traders and investors should closely monitor these technical indicators to make informed decisions regarding their Ethereum holdings.
The surge in daily active addresses on the Ethereum network is a testament to the growing interest and adoption of this decentralized blockchain platform. Ethereum’s achievements in the world of DeFi and smart contracts position it as a key player in reshaping the future of finance. While short-term price fluctuations are expected, the long-term potential of Ethereum remains strong. As the cryptocurrency market continues to evolve, Ethereum’s role as a leading digital asset will likely continue to grow.
Remember to stay informed and consult with professionals before making any investment decisions. The cryptocurrency market is highly volatile and can be subject to sudden price movements. Stay tuned for the latest developments in the world of Ethereum and cryptocurrencies.
Disclaimer: The information provided in this article is for educational purposes only. It does not constitute financial advice or investment recommendations. Readers are advised to conduct their own research and consult with professionals before making any investment decisions.