The Ethereum price is not the only thing that has risen during the last rally.
The ETH price is going up in recent weeks. But that’s not the only news adding to Ethereum’s bullish momentum this month. The decentralized computer network is close to 100 million addresses.
Cryptocurrency prices continue to swell with capital inflows as we head into the second half of January. Positive macroeconomic data continues to work its magic on asset valuations in general.
The S&P 500 Index and NASDAQ Composite have continued their New Year rally with cryptocurrency prices in tow. The strengthening correlation between cryptocurrency and stock prices indicates the maturity and adoption of cryptocurrencies at this time.
But the Ethereum price rally is not the only long-term bullish indicator materializing right now. Network activity and usage continue to sail toward new all-time highs.
An important milestone
The number of Ethereum addresses with a non-zero balance continues to rise. This week it reached a record 92.5 million addresses, according to recent data from Glassnode.
Active addresses on Ethereum are also on the rise, with a strong uptick in recent activity.
Active addresses measure the number of unique addresses that have transacted as a sender or receiver. Only those that have successfully completed a transaction are counted.
Therefore, Ethereum users do not just store their Ether. They use it to run programs on the network. Although the winter of cryptocurrency prices swept away some cryptocurrency exchanges and custodians, it has not dampened the demand for new addresses and transactions.
While the drama and scandal of the failures of these cryptocurrency startups make for wild headlines, they do not reflect the true progress of the cryptocurrency ecosystem in terms of development, adoption, and usage.
At its current rate of growth, Ethereum addresses could reach the 100 million mark in the second quarter of 2023.
The Ethereum network lives
The number of unique Ethereum addresses is considered a good proxy for the overall level of adoption. It shows that Ethereum adoption is well underway.
Day traders are not limited to pushing the Ethereum price line up and down on a candlestick chart. People are really adopting and using decentralized finance applications and paying ETH for gas fees to run them.
Here are some interesting ways people are using Ethereum on a list made by Consensys.
On NPR’s Business Desk, David Gura wrote on Wednesday:
“The consequences of the catastrophic collapse of crypto exchange FTX are spreading, and the so-called “crypto winter”, which has dragged on for months, shows no signs of abating.”
