Key Points
- Ethereum’s price has risen above $3,000 and the number of new addresses has increased significantly.
- Despite the surge in new addresses, trading activity has not seen a significant change.
Ethereum’s price recently experienced an upward trend, pushing it over the $3,000 mark. Alongside this, there has been a surge in the number of Ethereum addresses, reaching levels not seen since 2022.
Address Growth and Network Activity
Data from Santiment indicates that between the 4th and 5th of May, Ethereum saw its highest daily new address creation in nearly two years. The daily new address count peaked at over 196,700, a level not seen since October 8th, 2022. However, subsequent analysis showed a gradual slowdown in this surge.
By the end of trading on May 6th, the daily new address count had reduced to around 115,000 and further declined to approximately 33,000 at the time of writing. This increase in new addresses is not surprising, considering Ethereum’s previous peak near the $4,000 range earlier this year.
Trading Volume and Market Cap
While the number of daily active Ethereum addresses has been on the rise since March, the recent influx of new addresses has not significantly impacted trading activity. The trading volume even showed a decline, remaining below $10 billion on the day of the new address spike. It was only on May 6th that the volume exceeded this mark, reaching over $12 billion. The latest data indicates a volume of around $13 billion.
Despite the increase in new addresses, it seems that these new participants may be observing the market rather than actively trading. The potential for Ethereum to retest and surpass its previous high price threshold may be a contributing factor to this influx of new addresses.
