The number of addresses on the Ethereum network is now relatively 69 million, which is a new record for the largest smart contracts platform. The height in terms of the number of addresses was attained during the short-term recovery rally exhibited by ETH, the native token of the Ethereum blockchain.
The new development was reported on 17th January 2022 by the crypto intelligence platform, IntoTheBlock. Although Ethereum (ETH) is still below its all-time high, this is a positive sign for Investors and potential suitors. The report also says the number of transactions is closer to its all-time highs, which indicates increasing demand.
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IntoTheBlock tweeted, “The number of ETH holders continues to grow as it reached 68.34 million addresses, a new all-time high. While the price of Ethereum is still below the ath, the number of transactions remains near its highs with an increasing number of holders, reflecting the increasing demand.”
The reason for the increase in the number of addresses can be attributed to the wide growth recorded in the non-fungible token (NFT) industry, which obviously started to peak once again in January.
The on-chain data provided is also saying that the growth of the Ethereum network can be considered stable and progressive despite the lethargic price trend it exhibited lately.
Network growth is always associated with an increase in demand, which should result in positive price action. So, with no positive price movements currently, the performance of Ethereum (ETH) in the market can be considered bearish.
However, the stability of the network matters the most at the moment. There has been a steady ETH burning on the Ethereum network, which indicates that users are actively operating on the blockchain. As for the lethargic price action, Ethereum is clearly not alone. The majority of cryptocurrencies in the market, including Bitcoin (BTC), have dropped more than 20%.
At the time of writing, ETH is trading at $3,146, with a relatively 4% price downtrend in the last 24 hours.
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