Ethereum has seen a significant increase among the address activity taking place on its blockchain as the overall demand for this specific cryptocurrency has doubled over the past few months. This increased network activity is because of the consistent performance that Ether was able to deliver in terms of a steep increase in price and value over the course of the past few months. Talking about the recent month of October, the overall network address activity of Ether was up 48%, and this is something of a statement because back in September, this activity was fairly redundant given the on-chain data collected at that time around.
Since October, the overall value of crypto has also increased by a factor of 43%, and with Ether holding the Fort above $4K, multiple bullish rallies have already come to pass. This instils a sense of confidence and dedication on behalf of this crypto among the investors and market analysts, thus more traffic coming forward to invest in Ether when there is still time.
Signs of New Bullish Run
Another reason for such a significant increase in network activity might be the involvement of Ether blockchain as a fairly active platform for decentralized apps and other such protocols benefiting from the efficiency and technical ability of Ether. A lot of this network address activity bounces towards non-fungible tokens and multiple projects being developed in that specific regard; this has helped Ether to bring in a lot of audience for this specific need and, at the same time, helping Ethereum to secure an even larger market cap.
The recent upgrades which have been made to Ether’s blockchain confirmed that the cryptocurrency holds its dedication to efficient crypto transactions and unkindled agility that is hard to find anywhere else. At the moment, the crypto market is doing fairly good, and new investors are also hovering around to explore this specific space; this might be another reason why Ether has seen such a spike among network address activity. The new Bitcoin futures ETF, which have been approved, are now trading on multiple stock exchanges, is another reason why people are getting extremely excited about investing in cryptocurrencies and especially Ether.