The market intelligence platform Santiment went on Twitter on October 9 to share some encouraging numbers about Ethereum, which is the biggest altcoin by market cap (ETH).
Growth of the Ethereum Network (Source: Santiment)
Their data shows that on Saturday, October 8, a huge number of new Ethereum addresses were created. In just 24 hours, about 135,780 new addresses appeared. This number is 11.1% higher than the previous record for network growth in 2022, which was set on January 3.
Related: “Ethereum Merge was done perfectly,” says the co-founder of Starkware.
Also, the new rise in ETH addresses was the highest it has been since December 7, 2021.
At the end of the post, Santiment said that utility rises, like the growth of the Ethereum network, usually come before asset breakouts. This is good news for ETH investors as it could indicate an increase in the altcoin’s price over the next few days.
Ethereum/Tether US 1D (CoinMarketCap is the source)
CoinMarketCap, a website that tracks the cryptocurrency market, says that ETH is currently trading at $1.319.00, up 0.32% in the last 24 hours. In the same time period, it reached a high of $1,335.66. ETH is also still up 0.94% over the last week.
Over the past 24 hours, the altcoin has also gained about 0.31% against its biggest rival, Bitcoin (BTC).
Also in the green for the day, ETH’s 24-hour trading volume is up just over 4% to $5,947,867,107. ETH’s market cap is currently $161,773,595,648.
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Related: Vitalik Buterin, who helped start Ethereum, talks about his ideas for layer-3 protocols.
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