Ethereum Outperforms Bitcoin with Over 1 Million Daily Active Addresses
New data from the Artemis Terminal has revealed that Ethereum (ETH) has surpassed Bitcoin (BTC) in terms of daily active addresses, solidifying its position as the second-largest blockchain network by market capitalization.
Currently, Ethereum boasts an impressive 1.03 million daily active addresses, while Bitcoin stands at 743,800. This surge in Ethereum’s daily active addresses is an indication of the network’s increasing popularity and usage.
Insights into Ethereum’s On-Chain Activity
A report by market intelligence platform Santiment offers valuable insights into Ethereum’s on-chain activity. The analysis shows a significant surge in daily active addresses for Ether, reaching approximately 1,089,893 on September 13th.
This surge marks the second-highest daily active address count in Ethereum’s history, with the highest count recorded on December 9th, 2022, coinciding with Ether’s recovery from the post-2021 bear market losses.
The data from Artemis Terminal further reveals that Ethereum now exceeds Bitcoin in terms of daily active addresses, with 1.03 million for Ethereum and 743,800 for Bitcoin.
Additionally, data from Etherscan indicates that the number of daily transactions on the Ethereum network has reached a new all-time high, with September 13th witnessing 1,627,860 transactions. This increase in transaction volume indicates a growing interest and optimism surrounding Ethereum.
The analysts at Santiment suggest that this surge in on-chain activity could lead to enhanced market volatility and potentially a recovery in the Ether market. Despite recent market instability, Ethereum remains a vital player in the decentralized finance (DeFi) ecosystem and the smart contract space, boasting approximately $20 billion in total value locked.
Ethereum Price Analysis
While Ethereum maintains its status as a major altcoin with unique fundamentals, its price is significantly influenced by Bitcoin’s price movements. Historically, September, especially before Bitcoin halving events, has been identified as a bearish month for the cryptocurrency market.
As a result, Ethereum’s price is expected to continue its descent in the upcoming weeks, possibly approaching the next support level of around $1.5k. Additionally, the digital asset faces substantial selling pressure due to the occurrence of weekly and daily death crosses between the 50 and 200 Moving Averages (MA).
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In recent years, Ethereum has firmly established itself as a leading blockchain network, offering innovative solutions in decentralized finance and smart contracts. The surge in Ethereum’s daily active addresses is a testament to its increasing adoption and utility.
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