Ethereum has been experiencing a notable surge in market dominance over Bitcoin, with a remarkable 22.4% increase in just the past week. This bullish trend is further evidenced by the daily creation of approximately 89.4 thousand new Ethereum addresses, a significant jump from the 70 thousand new addresses recorded per day in early November. The most striking figure was the creation of 96.3 thousand new wallets in a single day recently.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared an X post providing insights on the recent surge in Ethereum’s market performance.
This surge in Ethereum’s popularity and investor interest is also reflected in its declining presence on exchanges. Over 10 days, the percentage of Ethereum’s supply on exchanges has reduced from 8.18% to 8.10%. This shift suggests a growing trend of investors moving their assets off exchanges, indicating a preference for long-term holding strategies or use in decentralized finance applications.
The increasing number of new Ethereum addresses aligns with its growing market capitalization, solidifying its position as the second-largest asset in the cryptocurrency market. The decline in Ethereum’s supply on exchanges, coupled with the increasing rate of new wallet creations, points to heightened investor interest and confidence in Ethereum as a digital asset. This trend might be driven by various factors, including technological advancements within the Ethereum network, increasing adoption in decentralized applications, and broader market trends favoring Ethereum over Bitcoin.
Ethereum has recently shown a robust upward trend in the cryptocurrency market. Ethereum’s trading price exhibited remarkable stability this past week, maintaining a range between $2,400 and $2,500. This consistency has been accompanied by an impressive 8% increase in the value of Ethereum’s token, ETH, reflecting a prevailing optimistic sentiment among investors and market analysts.
The price of Ethereum has notably ascended to $2,569, representing a significant 1.59% rise in a short 24-hour timeframe at the time of writing. This jump underscores a robust bullish momentum within the crypto market. Furthermore, Ethereum’s trading volume over the same period has seen a substantial 11% increase, reaching an impressive $11 billion. This surge has propelled ETH to the forefront of CoinMarketCap, with a substantial live market capitalization of $308 billion.
ETH/USD daily price chart, Source: Tradingview
The moving averages are on an upward trajectory, with the 20-day Exponential Moving Average (EMA)positioned above the 50-(EMA), signaling potential continued bullish movement. Additionally, the Bollinger Bands indicate that the price is edging closer to the upper band, a sign of strong buying pressure in the market. The Relative Strength Index (RSI) is currently in a neutral position at 61, hinting at further bullish potential in the near future.
