According to CryptoQuant’s data on November 4th, Ethereum (ETH) achieved a significant milestone. The aggregate amount of funds staked in the Ethereum 2.0 smart contract has experienced a notable surge, reaching a commendable sum of $32 million.
The current increase in value is indicative of a larger pattern in which investors are consistently and proactively investing in ETH, thereby propelling the Ethereum ecosystem to unprecedented levels of growth.
In the broader context of the year 2023, Ethereum’s exceptional performance is clearly observable, as it has contributed a significant $74.5 billion to its market value thus far this year.
Source: CryptoQuant
The jump in market capitalization recorded at the beginning of the year on January 1 marks a significant gain of 51% from the initial value of $146 billion.
The latest data trends from on-chain sources also reveal a significant rise in the number of new user addresses for Ethereum. This demonstrates the platform’s ability to withstand the unexpected departure of Binance founder Changpeng Zhao and the consequent minor decline in cryptocurrency markets that occurred last Wednesday.
On Friday, Ethereum (ETH) demonstrated a noteworthy resurgence as it successfully regained the price level of $2,100. This quick recovery occurred following the instability caused by the resignation of Zhao and the $4.3 billion settlement with the US Securities and Exchange Commission.
ETHUSD breaches the $2k level. Chart: TradingView.com
The consistently changing market dynamics draw attention to the possible consequences of the increase in user activity, prompting investors and analysts to observe the trajectory of Ethereum.
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Source: TradingView
On the hourly chart, the price of Ethereum (ETH) currently resides within the central region of the local channel, indicating a state of equilibrium. This suggests that the market is gathering momentum and preparing for a potential significant price movement in the near future.
Meanwhile, upon examining Glassnode’s New Addresses chart, it becomes evident that there has been a notable increase in the user population of Ethereum. Specifically, the Ethereum network witnessed the creation of 94,451 fresh ETH addresses subsequent to recent news occurrences.
Number of new ETH addresses. Source: Glassnode
Upon further analysis of the chart, a significant insight emerges: the most recent occurrence of Ethereum witnessing a substantial influx of new participants took place in July 2023.
The provided data highlights a notable increase in interest and engagement within the Ethereum ecosystem, indicating a significant influx of players that has not been observed since the middle of the year.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik