Ethereum Network Sets Milestone With Over 1 Million Active Addresses
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Etherscan data revealed that on that day, the Ethereum network boasted 1,089,893 active addresses, a testament to the growing interest and activity within the ecosystem.
This milestone coincided with another remarkable achievement as the Ethereum network recorded nearly 1.63 million transactions on the same day, the highest daily transaction volume since December 9, 2022. This surge in transactions indicates a vibrant and dynamic environment within the Ethereum blockchain.
Exploring the reasons behind this remarkable surge in activity, it was found to be primarily associated with fund collection activities conducted by the Binance 14 address. On that particular day, this address was responsible for over 710,000 transactions, involving more than 705,000 different addresses. This intense level of interaction within the Ethereum network underscores its utility not only for cryptocurrency transactions but also for various decentralized applications and financial activities.Etherscan data revealed that on that day, the Ethereum network boasted 1,089,893 active addresses, a testament to the growing interest and activity within the ecosystem.
This milestone coincided with another remarkable achievement as the Ethereum network recorded nearly 1.63 million transactions on the same day, the highest daily transaction volume since December 9, 2022. This surge in transactions indicates a vibrant and dynamic environment within the Ethereum blockchain.
Exploring the reasons behind this remarkable surge in activity, it was found to be primarily associated with fund collection activities conducted by the Binance 14 address. On that particular day, this address was responsible for over 710,000 transactions, involving more than 705,000 different addresses. This intense level of interaction within the Ethereum network underscores its utility not only for cryptocurrency transactions but also for various decentralized applications and financial activities.This blockchain has long been recognized as a powerhouse in the world of blockchain and cryptocurrency, and these recent statistics reaffirm its position as a leading platform for decentralized innovation and financial activities. With the continuous growth of active addresses and transaction volumes, the platform’s ecosystem is expected to remain vibrant and continue evolving.
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In short, the goal is for Ethereum apps to return control of the data in these types of services to its owner.
The apps built on Ethereum that offer this functionality are known as decentralized apps. Users need ether, Ethereum’s native token, to use them.
What are the next steps for Ethereum?
A huge upgrade to the Ethereum known as "the Merge" was officially completed on Sept. 15, 2022, moving the blockchain from proof-of-work to proof-of-stake for its consensus mechanism. The project took years to accomplish and reduced Ethereum's energy consumption by over 99%.
This isn't the end of the journey however. Ethereum's relatively high fees and slow speeds, are the next challenges for the blockchain to address. Neither of these issues were addressed by the update and remain a blocker to expanded adoption.In short, the goal is for Ethereum apps to return control of the data in these types of services to its owner.
The apps built on Ethereum that offer this functionality are known as decentralized apps. Users need ether, Ethereum’s native token, to use them.
What are the next steps for Ethereum?
A huge upgrade to the Ethereum known as "the Merge" was officially completed on Sept. 15, 2022, moving the blockchain from proof-of-work to proof-of-stake for its consensus mechanism. The project took years to accomplish and reduced Ethereum's energy consumption by over 99%.
This isn't the end of the journey however. Ethereum's relatively high fees and slow speeds, are the next challenges for the blockchain to address. Neither of these issues were addressed by the update and remain a blocker to expanded adoption.With the majority of the cryptocurrency market dragging its feet in recent weeks, it is no surprise that its second-largest asset by market cap, Ethereum (ETH), is doing the same. However, the hope remains it could hit the high price level of $5,000 sometime in the future.
As it happens, Ethereum managed to get close to this mark on November 9, 2021, when it reached its all-time high (ATH) of $4,815.01, climbing by 168.25% from the $1,794.97 where it stood on July 21, 2021, which is close to its price at present and suggests a very real possibility of repeating this success.
With this in mind, Finbold has analyzed the main factors that could (but do not necessarily have to) lead Ethereum closer to the $5,000 price level and eventually overtake it – either by themselves or together with other influencesMass adoption of Ethereum-based applications
With Ethereum being the most popular blockchain choice to build a wide range of decentralized applications (dApps) on, such as in the sector of decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming, it could help its cryptocurrency grow further in price, thanks to the growing demand.
For instance, one of the major companies building on the Ethereum blockchain is PayPal (NASDAQ: PYPL), which has recently announced the launch of its own ERC-20 United States dollar-pegged stablecoin PayPal USD (PYUSD), issued by crypto firm Paxos Trust Company, as Finbold reported on August 7.
Improved scalability
With the launch of the better-performing, more accessible ‘Ethereum 2.0,’ the network has improved its scalability, helping it handle more transactions per second and making it more attractive to users and developers. If this trend continues, it could lead to growing demand for Ethereum and its higher price.
Indeed, the Ethereum development team has been working hard on boosting the network’s usability, the work that also brought a shift from the proof-of-work (PoW) to the proof-of-stake (PoS) model with an aim to reduce energy waste and transaction times, as well as improve scalability.
Institutional adoption
On top of that, more institutional investors recognizing Ethereum’s potential and buying more ETH could drive the price higher simply by following the rules of supply and demand – the more desirable an asset is, the higher its price, and institutions can have the power to contribute in shaping market trends.
Furthermore, Ethereum’s advance could also happen under the influence of the Tesla (NASDAQ: TSLA) and X (formerly Twitter) CEO, Elon Musk, supporting the bold prediction on the future of the crypto market that could see both Ethereum and Bitcoin (BTC) surge massively.
Regulatory environment
Amid increased regulatory pressure, particularly in the US, which has culminated in multiple lawsuits against some of the industry’s largest representatives, the cryptocurrency market as a whole can feel its effects, which is why positive regulatory developments and favorable regulations for digital assets could help drive their prices, including Ethereum.
One example of such positive developments is the refusal of the British financial services minister, Andrew Griffith, to agree with the Treasury Committee’s recommendation to regulate retail trading and investing in unbacked crypto assets as gambling in late July and his support of their treatment as other financial services.
Market sentiment
Finally, the atmosphere in the wider crypto and macroeconomic landscape can often influence the price of particular assets, including cryptocurrencies like Ethereum, for instance, with positive (or negative) developments and news coverage about the industry.
Indeed, the above factors could contribute to the bullish sentiment, and when people are feeling bullish about digital assets in general, they are more likely to invest in them, and the positive sentiment could affect the price of ETH, which is more likely to increase.
Ethereum price analysis
Meanwhile, Ethereum was at press time changing hands at the price of $1,828.2, the same as the day before, in addition to losing 0.29% in the last week and declining 2.05% on its monthly chart, as per the latest information retrieved on August 8..
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