Ethereum (ETH), has seen a significant expansion in its networks, as new addresses continue to scale heights.
Market analyst Ali Martinez pointed out:
“The Ethereum network is expanding as the number of new addresses continues trending up. The network growth is often regarded as one of the best price predictors. Generally, a steady increase in the number of new addresses created on a given blockchain leads to a major price upswing.”
According According to Glassnode on-chain insight provider, the number non-zero addresses for ETH reached an all time high (ATH of 84,502.086).
This indicates that Ethereum is seeing more users, despite daily active addresses reaching historical highs.
Market insight provider Santiment pointed out:
“Ethereum shattered records Tuesday after an incredible surge in address activity broke its AllTimeHigh by a wide margin. 1.06M ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record.”
IntoTheBlock Data Analytics firm echoed the sentiments of others and stated:
“Ethereum daily active addresses reached a new all-time high. Over 1.1M addresses made an ETH transaction yesterday, making a total of 1.64M transactions.”
Therefore, the surge in daily active and new addresses might have boosted Ethereum’s present upward momentum.
The second-largest cryptocurrency, Bitcoin, was up 10.68% over the past 24 hours to reach $1.625 during intraday trades, according to CoinMarketCap.
This is unusual because the Federal Reserve (Fed), which has increased the interest rate by 75 basis point (bps) in an effort to curb rising inflation without causing a recession, is doing this. AAnalyse history has shown that an increase in the interest rate is often followed by a bearish effect on the crypto market.