Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ETHEREUM NEWS»Ethereum’s Recovery: Is This Rally Sustainable?
ETHEREUM NEWS

Ethereum’s Recovery: Is This Rally Sustainable?

By Crypto FlexsFebruary 1, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Ethereum’s Recovery: Is This Rally Sustainable?
Share
Facebook Twitter LinkedIn Pinterest Email

Ethereum has recently been making new attempts to recover. Here’s what on-chain data suggests as to whether this practice is sustainable:

Both Ethereum network growth and utility have risen recently.

According to data from on-chain analytics firm st tly, the ETH blockchain has recently shown encouraging trends in daily active addresses and network growth. These two metrics are used to track the usefulness and growth of the chain.

The first of these, “Daily Active Addresses,” measures the number of unique addresses that engage in some kind of transactional activity on the blockchain each day.

This number of unique addresses can be considered similar to the number of unique users participating in the network, so the value of the indicator can give a hint about the intensity of traffic that Ethereum is currently witnessing.

Another indicator of interest here is “network growth,” which tells us the number of daily addresses performing transactions on the blockchain for the first time.

These new addresses typically correspond to new investors coming into the cryptocurrency, so the value of network growth can provide a hint as to how adoption of the asset is progressing.

Now here is a chart showing Ethereum daily active addresses and network growth trends over the past few months:

Looks like both of these metrics have seen growth in recent weeks | Source: Santiment on X

Looking at the graph, we can see that Ethereum’s daily active addresses and network growth have been steadily increasing recently. After the increase, the chain is now seeing 101,000 new addresses appearing every day and 484,000 unique addresses being traded per day.

This suggests that the cryptocurrency is not only receiving significant interest from existing users (as they move across the network), but also from new investors. “Increasing utility is a key pillar justifying the increase in ETH market capitalization,” says Santiment.

On-chain analytics firm Glassnode discussed activity occurring on the Bitcoin blockchain in its latest weekly report. Below is a chart shared by Glassnode that shows the trend in the 7-day moving average (MA) number of active entities for the original cryptocurrency.

Bitcoin Active Entity

The value of the metric appears to have been relatively low in recent days | Source: Glassnode's The Week Onchain - Week 5, 2024

This metric is similar to Daily Active Addresses, except that it tracks “active entities” instead of addresses. Entity means a group of addresses that Glassnode considers to belong to the same investor.

As the chart shows, active companies have recently plummeted to Bitcoin’s cyclical lows. This appears to be an increase in utility, unlike what we have observed for Ethereum.

However, the analytics firm explains, “At face value, this may suggest that despite significant price increases, the growth of Bitcoin users has not followed suit.”

“This is primarily a result of increased activity related to ordinal numbers and inscriptions, with many participants reusing Bitcoin addresses and reducing the number of ‘active entities’ measured (without double counting).”

ETH price

Ethereum has recently attempted to recover, but the coin has plummeted over the past day, dropping the asset’s price to around $2,300. However, given the strong network activity, there is likely hope that the rally will continue.

Ethereum price chart

The price of the coin appears to have plummeted during the past 24 hours | Source: ETHUSD on TradingView

Featured image by Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com, Santiment.net

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

Crypto Scam Markets thrives again after attempting to clean up Telegram.

June 24, 2025

Bitcoin is more than $ 104K as the merchant’s eyes move from H2 to $ 145,000.

June 20, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Anatomy of the Halving Part 3: Battle of the Miners: Independent vs. Corporate Mining Dynamics

April 21, 2024

Bitcoin’s range-bound price movement can activate BNB, TON, AAVE, and HNT.

August 20, 2024

MicroStrategy received a Buy rating and $990 price target in the benchmark report.

February 28, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.