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The market sentiment towards Ethereum (ETH) has turned relatively bearish, largely due to the cryptocurrency recent price volatility. This negative sentiment is evident in Ethereum’s new active addresses, which have crashed by as much as 43%, underscoring reduced network activity and investor confidence.
New active addresses on Ethereum decline
Facts from The Block shows remarkable fluctuations in Ethereum’s network activityas the number of new active addresses has seen a sharp, unexpected decline over the past three months.
New on June 27 active addresses on the Ethereum network rose to 138,620, before falling dramatically to around 89,000 in the first weeks of July. While volume fluctuated between 80,000 and 95,000 in August, it quickly jumped back above 100,000 by the end of the month.
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Despite Ethereum having a significant increase in its price recently, the number of new active addresses on its network dropped to 78,100 on September 24, marking a 23.43% crash. The number of new active addresses is currently up to The Ethereum network is still below 80,000, reflecting a crash of more than 44% in the last three months.
Compared to June 9 when it was totally active addresses on the Ethereum network have skyrocketed Impressively, the current number of addresses stands at 702,857 rejected with 5.69%. Furthermore, the total number of active addresses fell dramatically to 574,073 on September 22, underscoring an 18.32% decline from the previous record of June 9.
When a crypto network experiences a drop in the number of new active addresses, it typically indicates a decline in user engagement, leading to a decline in overall network activity and transaction volume. This decline can be seen in the facts provided by IntoTheBlock, showing that the total volume of large transactions on the Ethereum network rose to 2.91 million on July 5, but fell to 1.79 million on September 29, reflecting a decline of 38.4%.
Despite the significant drop in the number of new active addresses on market intelligence platform Ethereum, Santiment has done so revealed that Ethereum network activity is finally picking up. However, this increase in network activity also coincides with a significant increase in gas rates.
ETH loses the top spot in the DEX volume rankings
On September 25, Ethereum lost his position as best cryptocurrency with the highest 24-hour Decentralized Exchange (DEX) volume. Solana (SOL) had outperformed Ethereum, claiming the top spot with a 39.77% increase in DEX volume, which rose to $1.123 billion.
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At the time, Ethereum’s DEX volume was approximately $1.118 billion, after a modest increase of 8.92%. While Solana briefly stole the spotlight, Ethereum quickly recovered and has maintained its leading position ever since.
At the time of writing, the cryptocurrency’s 24-hour DEX volume is rose by 11% to $1.559 billion, according to DeFiLama. In contrast, Solana had a much larger increase of 32.94%, but its volume is still below that of Ethereum, at $1.251 billion.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
