Data on the chain show that the Ethereum Daily Active addresses Metric has recently progressed. This is what this could mean for the cryptocurrency.
Ethereum Daily Active addresses at the highest level in 2 years
According to data from the provider of institutional Defi solutions SentoraThe Ethereum -Blockchain has recently seen the activity light up. The “daily active addresses” is an indicator of the chain that keeps track of the total number of ETH addresses that participate in a sort of transfer activities every day.
When the value of this metric rises, this means that a larger number of users put the network. Such a trend means that the trade interest in the cryptocurrency can rise.
On the other hand, the indicator that observes a drop is suggesting, the investor activity falls on the blockchain. This type of trend can be a potential sign that leaves the attention of the active.
Now here is a graph that shows the trend in the daily active addresses for Ethereum in the past year:
The value of the metric appears to have shot up in recent days | Source: Sentora on X
As shown in the graph above, the Ethereum Daily Active addresses saw the deviation above the recent consolidation level of 600,000 with the latest rally, which implies that the price promotion brought interest in the active.
Interestingly, the trend has been accelerated in recent days, whereby the indicator registers a sharp peak. This rapid increase has fallen its value to 931,310, which is the highest daily level in almost two years.
Historically, a high transaction activity of users has often been a precursor to volatility. Every price promotion that comes from the trade can in theory in all directions, because the daily active addresses do not contain any information about the fact whether buying or selling is dominant, only that the investors make movements.
It seems that this time the peak in the daily active addresses of Ethereum also led to volatility, because the price of the cryptocurrency has fallen since it has appeared.
In another news, Stablecoin USDT recently found its 30-day advancing average (MA) transfer volume to the $ 52.9 billion, as on-chain Analytics company Glassnode has explained in an X after.
The trend in the USDT transfer volume over the last few years | Source: Glassnode on X
As shown in the graph above, the USDT transfer volume has been steadily recovered since the 2022 crash. “This gradual climb reflects a slow but consistent recovery in the speed of stablecoin and market activity,” Glassnode notes.
Interestingly, Ethereum has not even been the top two networks that occupy most of the volume of the stable.
The data of the USDT Transfer Volume across major networks | Source: Glassnode on X
Tron and BNB are the two networks that lead in USDT volume, with the metric that is $ 23 billion and $ 14.9 billion respectively.
ETH price
At the time of writing, Ethereum trades around $ 3,650, a decrease of approximately 3.5% in the last 24 hours.
Looks like ETH has just taken a hit | Source: ETHUSDT on TradingView
Featured image of Dall-e, Glassnode.com, Intothlock.com, Graph of TradingView.com
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