The second-largest cryptocurrency by market value, Ethereum (ETH), is witnessing a notable increase in network activity. A blockchain analytics tool called Santiment reports that 484,000 distinct addresses are currently communicating on the Ethereum network every day.
This indicator shows how many distinct users there are on the Ethereum network, indicating rising utility and demand.
More interacting addresses imply that more people are using Ethereum for various purposes, such as deploying and interacting with smart contracts, sending and receiving transactions, using dApps, and taking part in other Ethereum-related activities.
Santiment reports that the ETH network’s growth and number of active addresses are encouragingly increasing. It also states that the main argument in favour of raising the ETH market capitalization is this enhanced usefulness.
https://x.com/santimentfeed/status/1752364062716068228?s=20
The expansion of ETH’s network coincided with Ethereum’s first recovery to $2,345 since the start of the fall on January 22.
During yesterday’s trading session, Ethereum reached a high of $2,391 before retreating to its current trading level. As of this writing, ETH has dropped 0.83% to $2,300 during the previous day.
According to Santiment, the Ethereum network is expanding every day at a rate that is 28% quicker than it was three months ago. Every day, 101,000 new ETH addresses are created in addition to the 484,000 distinct addresses that already interact with the ETH network.
ETH predicted to reach $4,000
According to Standard Chartered, exchange-traded funds will be able to hold Ethereum in May if the U.S. Securities and Exchange Commission approves of it.
The research paper published on Tuesday states that the SEC has until May 23 to assess the ETF applications submitted by VanEck and Ark 21Shares.
According to Standard Chartered’s head of FX Research, West and Digital Assets Research, Geoff Kendrick, if Ether maintains a Bitcoin-like trading pattern during the ETF licencing process, he believes the cryptocurrency will reach $4,000 by the anticipated May 23 approval date.
