Ethereum Surges Ahead Of Bitcoin In Active Addresses, What Does This Mean?
September 15 2023 - 7:00PM
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Since its inception, Ethereum has continuously been compared to
Bitcoin with the former being hailed as a better option to the
latter in some cases. As the years have flown by, the competition
has gotten even fiercer, especially with ETH growing rapidly.
Eventually, Ethereum seems to be catching up with Bitcoin,
especially in terms of active addresses. Ethereum Active Addresses
Surpass Bitcoin On Thursday, September 14, on-chain data tracker
Santiment revealed a surprising update on the fierce rivalry
between Bitcoin and Ethereum. In the X post, the tracker revealed
that the number of unique addresses that were transaction on the
network had reached its second-highest daily figure of all time.
Related Reading: Litecoin Eliminates Pre-Halving Gains As Volume
Drops, Is A Fall To $50 Coming? While this is significant on the
part of the blockchain alone, it is also significant in terms of
the competition between the two largest assets in the space. To put
this in perspective, the 1,089,893 figure reported by Santiment
puts Ethereum ahead of Bitcoin in terms of this metric alone. The
last time that the daily unique active addresses on the network hit
its new all-time high was back in December 2022. So it has been
almost a year since the metric was this high, suggesting a unique
driving factor behind it. This report is also in line with the
report from Artemis Terminal that shows that Ethereum was right in
front of Bitcoin in terms of daily active addresses. ETH active
addresses surpass BTC on Wednesday | Source: Artemis Terminal
Artemis reports that on September 13, Ethereum saw a total of 1.03
million daily addresses compared to Bitcoin’s 743,800 addresses in
the same time period. However, this figure has since retracted and
Bitcoin has pulled in front of Ethereum once more as of September
14. What Does This Mean? While Ethereum’s surge on Wednesday was
impressive, it does not mean much since the network has been unable
to sustain the growth. Also, the surge could be easily explained by
the rise in the popularity of the Friend.Tech decentralized finance
social media platform based on the Ethereum blockchain. Related
Reading: Bitcoin Wallet Activity Touches 5-Month High, Will BTC
Price Follow? Friend.Tech had seemingly come back from the death to
reach a new all-time high in its number of daily users. Since an
ETH address is required to participate in the platform, it is no
surprise there was an uptick in the number of ETH addresses active
on the network. The spike in the number of daily active addresses
also seems to have had little impact on the price of the
cryptocurrency itself. ETH’s price is still struggling to hold
above $1,600, with small gains of 0.35% in the last day and losses
of 1.15% in the last week. ETH price still holding above $1,600 |
Source: ETHUSD on Tradingview.com Follow Best Owie on Twitter for
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image from CBS News, chart from TradingView.com
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