The post Ethereum Network Growth Hits 4-Month Peak; Can the ETH Bulls Pick From Here? appeared first on Coinpedia Fintech News
The Ethereum (ETH) market has struggled to rally past $2000 in the past four months, raising concerns of possible correction in the coming months. The indecisive nature of the Ethereum market in the past few months has undeniably cooled down the crypto bear market rally.
Nonetheless, the weekly Ethereum price action shows the bulls are still in control of the bear market rally. Moreover, Ether price action has not invalidated the higher highs and higher lows YTD.
Ethereum On-chain Activity On the Rise
According to a recent on-chain study conducted by market intelligence platform Santiment, Ethereum’s network growth has hit its four-month peak despite market indecisiveness. Interestingly, the number of new Ethereum addresses created this week has scaled higher than 550k. According to Santiment, the exponential increment of Ethereum addresses is a direct indication of an imminent growth in market cap.
As the leading smart contract-based blockchain, Ethereum has attracted more DeFi developers in the past few years. The Ethereum network had a total value locked (TVL) of about $26 billion with its stablecoins market cap at about $68.9 billion on Friday.
Additionally, the network had more than 600k validators with over 20 million ETH already staked through the beacon chain. As a result, the Ethereum network had a market capitalization of about $223 billion on Friday.
The Ethereum market has been argued to have significantly decoupled from the altcoin industry, thus the emergence of TOTAL3, which excludes Bitcoin and ETH. Moreover, Ethereum is largely adopted by institutional investors just like Bitcoin. As a result, its price action is likely to follow that of Bitcoin in the coming weeks despite the emergence of the alt season.