Ethereum, the market leading altcoin, has struggled to compete with Bitcoin’s dominance in the market. However, lately, the second largest alternative has been closing the gap with BTC. In fact, despite some bearish trends in recent months, ETH was making 300% returns so far this year for investors, at press time. As its value began to rebound in late July, more users were drawn to it.
According to data picked up by Santiment, as Ether’s value aggressively approached $ 3,000, more users rushed to the Ethereum market. This resulted in the number of Ethereum addresses reaching a four-week peak.
According to the cryptanalysis platform,
“Ethereum is hovering around the $ 3,000 level right now, and behind the curtains, we are seeing that network growth has increased steadily this month. The creation of new addresses on the ETH network is a good indication of where to go. prices move below. “
The attached graph shows the rapid increase in the daily growth of the ETH network. Despite the restricted movement of crypto on the price charts, ETH has become more popular with traders. Both retail and institutional traders.
Backed by popular demand
Interestingly, a recent Gemini report highlighted that the most popular cryptocurrency in Singapore is Ethereum. Almost 78% of the nation-state’s crypto population now owns the digital asset.
Furthermore, institutions like NYDIG and Fidelity are also noticing an increase in demand for crypto-services. According to sources, NYDIG has already been offering custody to select clients, while Fidelity clients are asking for support for Ethereum.
As traders from both kingdoms come together to demand more Ethereum products and support for the digital asset, optimism in the market is evident. In fact, Chicago Mercantile Exchange futures [CME] they are already targeting bullish sentiment within the market towards ETH. As the network develops and the price recovers, this growth in demand may also be reflected in the spot market.
This is a machine translation of our English version.
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