Ethereum Network Growth Spikes Again in Bullish Sign for Price
- The Ethereum network has seen a significant growth spike over the weekend.
- The network growth offers greater confidence in the asset’s price prospects.
- Ethereum experienced a similar trend at the end of April 2024.
Ethereum continues to show strong fundamentals.
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Recently, crypto assets, including ETH, have bounced around without clear direction. Amid the doldrums, however, the Ethereum network is showing signs of strength with recent significant spikes in network growth, first at the end of April 2024 and now over the weekend, as crypto asset prices rebounded from a week-long downturn .
Ethereum Sees Largest Single-Day Wallet Growth in Two Years
On Monday, May 6, crypto analytical platform Santiment Feed disclosed that nearly 200,000 new Ethereum addresses were created on May 4, the most significant single-day growth in almost two years since October 8, 2022.
📈 #Ethereum rebounded back above $3,200 this weekend, and saw massive network growth. 196.71K new addresses were created on the $ETH network on May 4, 2024, the largest single day of growth since October 8, 2022. This should be viewed as a #bullish sign. https://t.co/l9iFVWCJpE pic.twitter.com/MlHQTvKKN0
— Santiment (@santimentfeed) May 6, 2024
The spike in network growth came as crypto assets, including ETH, rallied over the weekend , buoyed by a weak U.S. jobs report that hinted that interest rate cuts from the Federal Reserve may not be a far-flung dream after all.
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As highlighted by Santiment, the recent network growth is a bullish sign for ETH. It indicates significant investor interest and potential for increased capital inflows should macroeconomic conditions align.
According to CoinGecko data , ETH is trading at $3,035 at the time of writing, representing a 1.6% decline in the past 24 hours.
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Read this for more on ETH:
Ethereum Turns Inflationary as Fees Remain at Record Lows
Learn about Polygon Miden:
What Polygon Miden Brings to the Table as Testnet Goes Live
Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
