The world’s second largest cryptocurrency, Ethereum (ETH), failed to deliver what was expected after the much-anticipated Merge. However, despite the growing uncertainty in the market, the leading altcoin managed to record a price rally.
According to Santiment, Ethereum price dominance increased over Bitcoin and other top digital assets in October. While other cryptos have struggled to keep up, the Ethereum price has managed to rise by around 24% over the past 30 days. Bitcoin price recorded a 7% improvement over the same period.
“#Ethereum’s price dominance over #Bitcoin and most of #crypto has continued as October is coming to a close. This has come following a spike in new $ETH addresses created. Address activity will likely need to recover for a confident continued rally.”
After a spike in ETH addresses created after the merge, a solid increase in Ethereum price can be seen. On September 15, the active addresses on the Ethereum network were around 619 thousand. Network growth was calculated as 64765 at that time. Meanwhile, other top cryptos like XRP, ADA, and Solana have seen a price drop of around 5% in the last 30 days.
But after a decent drop, network growth bounced to touch 65637 on October 30. With active wallet addresses on the ETH network hovering above the 408K level, Santiment suggests that address activity will likely need to rally from there if the token is to rally strong. On the other hand, the crypto analytics firm claims that the Bitcoin stock market supply has dropped to a four-month low of 8.48%. BTC’s small to medium addresses holding 0.1 to 10 Bitcoins had almost 16% of the current token supply.