Ethereum Network Sees Surge in Activity with New Wallets
Recently, the Ethereum blockchain has experienced a notable increase in activity, with the creation of new wallet addresses reaching an eight-month peak. On-chain analytics indicate that in December, an average of 130,200 new Ethereum addresses are being generated daily, a level of activity not observed since April.
This renewed activity in the Ethereum network coincides with its price aiming to surpass the $4,000 mark, with prospects of reaching the $5,000 threshold becoming more plausible.
Ethereum’s Network Activity Reaches Unprecedented Levels
Advertisement Banner
The rise in new Ethereum wallet addresses highlights growing interest among users and investors. This trend is evident from the Network Growth metric provided by Santiment, a prominent on-chain analytics platform. According to this metric, the creation of new Ethereum addresses has been on an upward trajectory since early November. This consistent growth has resulted in the daily generation of new addresses doubling since then. Currently, the Ethereum network witnesses an average of 130,200 new addresses each day. Remarkably, this surge in network growth is at its highest point in eight months, paralleling the activity observed in March and April.
Supporting this trend, data from IntoTheBlock, another on-chain analytics firm, reveals that transaction activity on the Ethereum blockchain is comparable to levels seen in March 2024, a time when Ethereum’s price once again exceeded $4,000.
Particularly, IntoTheBlock reports that large transactions, valued at $100,000 or more, have reached $68.23 billion over the past week, marking one of the highest weekly transaction volumes this year.
Will Ethereum’s Renewed Interest Propel Its Price to $5,000?
The increased interest in Ethereum suggests the potential for the asset to explore new price heights soon. Throughout much of the year, Ethereum’s price has fluctuated between $4,000 and $2,220, without breaking into new all-time highs like its crypto counterparts Bitcoin and Solana.
Interestingly, one might argue that Ethereum’s price performance has lagged behind other major players like Solana and XRP, despite holding a dominant position in the altcoin market.
Nevertheless, the renewed engagement within the network could serve as a critical catalyst for a significant upward movement. As of now, Ethereum’s price is striving to break past the $4,000 resistance, having recently tested it within the last 24 hours. This development follows a series of inflows into US-based Spot Ethereum ETFs, which saw an inflow of $854.85 million last week, marking its highest weekly inflow since launch.
The next step involves a sustained breakthrough above $4,000. Should Ethereum’s price achieve this, it could pave the way for reaching the $5,000 mark by the end of 2024 or the beginning of 2025.
“`
This rewritten content is designed to be SEO-friendly, with the inclusion of relevant keywords and structured HTML headings to enhance readability and search engine optimization.
