Through an examination of Ethereum’s (ETH) on-chain activity, market intelligence platform Santiment has published a report indicating that the count of daily active Ether addresses experienced a notable increase, reaching around 1,089,893 on Sept. 13.<\/p>\n
This recent upsurge represents the second-highest number of daily active addresses ever recorded in Ethereum’s history. The highest count was registered on Dec. 9, 2022, aligning with Ether’s reevaluation following its losses from the post-2021 bear market.<\/p>\n
As a result, analysts at Santiment suggest that the Ether market may experience increased volatility, potentially leading to a recovery. Additionally, this uptick in on-chain activity indicates a growing demand for the underlying asset.<\/p>\n
Ethereum, the second-largest blockchain by market capitalization, is presently encountering immediate market instability after a recent price decline that pushed it below the $1.7k threshold. Nevertheless, Ethereum maintains its position in the DeFi ecosystem and smart contract arena, securing around $20 billion in total value locked (TVL).<\/p>\n
Ethereum remains attractive to institutional investors, as seen in the growing interest in spot ETFs. Additionally, the Ethereum network holds a central role in numerous blockchains due to its EVM network. As a result, the Ethereum network’s prospects seem largely optimistic, supported by its significant valuation, liquidity, and strong trading activity.<\/p>\n
When it comes to analyzing Ether’s price, it’s worth noting that despite being a prominent altcoin with unique fundamentals, Ethereum’s price movement is still considerably impacted by Bitcoin. Throughout history, September, particularly before a halving event, has been recognized as a bearish period for the cryptocurrency market.<\/p>\n