Ethereum, the largest altcoin in the cryptocurrency market, started to find balance in this region after settling in the $ 1,600 band following the last mass sales last month. However, Ethereum, which is by far the most used platform in the DeFi industry with a total locked value of nearly 20 billion dollars, maintains its dominance in this field. Referring to the activities of the Ethereum network in the DeFi field, Blockchain analysis platform Santiment revealed that the number of daily active addresses in Ethereum this week approached 1.09 million. The important detail at this point was that the sudden increase in daily activities was the second highest daily active address increase in Ethereum history. The record level was recorded in December last year.
The #Ethereum network just saw 1,089,893 unique wallets acting as a sender or receiver of $ETH on Wednesday, the 2nd highest amount in the asset’s 8+ year history. This historic anomaly could be the capitulation signal needed for prices to rebound.
Commenting on the latest data, Santiment analysts offered the opinion that this volatile movement in the number of addresses could trigger a recovery and cause new fund inflows to the Ethereum market. So much so that increases in Blockchain activity are known to be a factor that can increase the demand for Ether, the local asset of the network. Although Ethereum has had price movements that differ depending on its internal dynamics in the past, its correlation with Bitcoin has been high recently. This causes Ethereum to show similar price movements as the rest of the market. In the latest developments specifically for Ethereum, there was an application for an ETF based on crypto assets. While this is interpreted as an investment product that the SEC welcomes, it is thought that a possible approval will be an important catalyst for Ether, as it will increase the demand for Ethereum.