High Network Activity Points to a Bullish Future for Ethereum. The continuous network activity on Ethereum is one reason to remain bullish on the value of ETH.
This is despite Ethereum gas fees constantly increasing due to the activities on the network causes congestion. However, the implementation of the London upgrade will include EIP-1559 that is meant to ease the issue of gas costs.
At the time of writing, an exact date has not been provided for the London upgrade but core Ethereum developer, Tim Beiko, gave a July estimate through the following roadmap via Twitter.
Chances are, that the excitement and hype surrounding the implementation of EIP1559, will provide bullish momentum for Ethereum to confidently break past the $2,500 price ceiling and possibly to $3k. The possibility of an Ethereum bullish environment due to the upgrade was explored by the team at Market Meditations who had this to say.
Yesterday’s highs [of $2,644] can likely be attributed to a coming upgrade that is expected to reduce the supply of Ether, which could help boost the price. Known as EIP 1559, the change solves a current problem…
After bitcoin finds a steady floor, Ethereum having shown strength, is primed to extend to $3000.
- Ethereum active addresses have hit an all-time high of 771k
- This milestone eclipses previous all-time highs set in November 2020 and January 2018
- Unique Ethereum addresses also continue to grow, hitting a new high of 148.8 million
- The increased network activity points towards a bullish future for Ethereum
- EIP1559 implementation is also around the corner making $3k possible for Ethereum
The number of active addresses on the Ethereum (ETH) blockchain has just hit an all-time high of 771k. This milestone has exceeded previous all-time highs of active Ethereum addresses witnessed in November 2020 (739k) and January 2018 (735k). The aforementioned 771k active Ethereum addresses was identified and shared by the team at Coinmetrics through the following tweet.
This week, #Ethereum active addresses hit an all-time high of 771k, surpassing the previous records set in November, 2020 (739k) and January, 2018 (735k). pic.twitter.com/CUKTl2mi9n
— CoinMetrics.io (@coinmetrics) April 23, 2021
Unique Ethereum Addresses Continue to Grow
The high network activity on the Ethereum blockchain is also evident in the total number of unique addresses to date.
According to EtherScan.io, the Ethereum network currently hosts over 148.8 million unique user addresses as illustrated through the following chart. From the chart, it can also be concluded that the growth and use of the Ethereum network has been steady since the blockchain was launched in mid-2015.