While Bitcoin broke the strong resistance at $ 55,000, Ethereum is consolidating in the $ 3,500 to $ 3,600 zone for five consecutive days. But while the ETH price action stagnated, the on-chain data shows significant growth in the network, which may be related to the renewed popularity of both the DeFi and NFT industries.
The number of new addresses has skyrocketed
The data provided by Santiment shows a large increase in the network growth graph with 155,230 newly registered addresses. This is the highest number of addresses created in a single day since May 18th. The increase in users is viewed as a strong bullish sign as there are more active users on the network, which means more transaction and expense fees.
The number of new addresses skyrocketed. The source: mood
The network’s increased rate of growth is most likely related to the growing growth of the DeFi industry. Previously, the total value locked in the industry reached a new ATH of $ 210 billion. In addition to DeFi, NFT has also regained the previously lost trading volume.
With Ethereum still the most popular chain for both DeFi and NFT, an increase in the number of addresses will most likely become the norm until inflows in the crypto market stabilize.
In addition, the social media volume is increasing somewhat. It seems like the crowd is paying more attention to Ethereum, at least with a bit of the general hype.
However, when ETH price flirted with the previous ATH zone, many traders decided to take profits instead of risking another big correction in the market.
The flow to the stock exchange increased. Source: Santiment
As more addresses appeared on the network, the inflows into the exchange showed the first signs of an increase, but this was not significant and did not create great selling pressure for Ethereum.
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According to U.today