Ethereum Hits Another Record High, Active ETH Addresses Jump

Ethereum is gaining bullish momentum due to a significant jump in its retail demand. Yesterday, the cryptocurrency became the first digital asset after Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term to reach a market cap of $550 billion. ETH touched an all-time high of $4,643 on 2 November.

Additionally, Ethereum’s active addresses are rising. The recent data from crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term platform Santiment indicates a 45% spike in active ETH addresses during the last 28 days. While its demand is on the rise, the overall supply has decreased in recent weeks.

ETH exchange supply ratio is plunging. As a result, traders have limited opportunities to sell the world’s second most dominant crypto asset on digital exchanges. In addition, leading Ethereum holders preferred staking under ETH 2.0 contract over trading on digital exchanges in the first 10 months of 2021.

The deposit contract of Ethereum 2.0 now has more than 8.1 million staked ETH. The overall value of the deposited coins crossed $37 billion on 2 November, which is the highest level on record. At the launch of Beacon Chain in December 2020, ETH 2.0 deposit contract only had nearly 900,000 Ethereum coins.

Ethereum’s Price Action

In the last 7 days, the price of Ethereum has gained more than Bitcoin. ETH has jumped by nearly 10% within the last week, compared to a spike of approximately 4% in Bitcoin. “All-time highs just keep on coming for Ethereum, as the 2nd largest asset in the cryptocurrency market has eclipsed $4,643 for the first time in its 6-year history. The utility is a primary indication as to why, as active addresses are up 45% compared to 4 weeks ago,” Santiment mentioned.

Overall, the bullish momentum in the cryptocurrency market caused a major jump in demand for emerging altcoins. “The past 24 hours have seen a mild climb for Bitcoin and a new All-Time High for Ethereum. But, while crowd focus has been on the large caps, Arweave (AR ), Loopring (LRC) and Jasmy (JASMY) have enjoyed independent breakouts,” Santiment added.