Ethereum Price Surges Above $3,000 Amidst Rising New Addresses

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The Essentials in Brief

Ethereum (ETH) is experiencing a notable increase in the number of new addresses, driving the price back over the $3,000 mark. This phenomenon, observed for the first time since 2022, raises questions about the future activity and potential of the network. Despite the increase in addresses, the actual activity on the network remains relatively unchanged, raising the question of how these new addresses will impact in the long term.

Ethereum Addresses on the Rise

According to data from Santiment, Ethereum recorded the highest number of new daily addresses in nearly two years between May 4th and 5th, with over 196,700 new addresses. This increase could indicate renewed interest in the Ethereum network, possibly driven by the positive price development and speculation that Ethereum could reach its previous high of $4,000 again. Despite a subsequent decline in new addresses, interest in Ethereum remains high.

Network Activity

Although the number of new Ethereum addresses has increased, an analysis of the daily active addresses shows that this increase has not yet had a significant impact on network activity. The number of daily active addresses remains stable, with occasional fluctuations, suggesting that many of the new addresses are inactive so far.

Ethereum Trading Volume

Ethereum’s trading volume has also played an important role. Despite the increase in new addresses, the trading volume initially remained below the $10 billion mark before surpassing this threshold on May 6th and rising to over $12 billion. This suggests that interest and speculation around Ethereum remain strong, even if this is not yet fully reflected in network activity.

Our Assessment

The recent increase in Ethereum addresses and the crossing of the $3,000 mark are positive signals for the Ethereum network and its followers. It shows that interest in Ethereum remains high, which could lead to increased activity and potentially further price increases in the long term. However, it is important to continue to monitor the development of network activity and trading volume to get a complete picture of the health and potential of the Ethereum network.

Sources: Santiment, AMBCrypto

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