Serious Increase in Ethereum's Address Numbers: What the Rise Means!

There has been a significant increase in the number of addresses of Ethereum (ETH), the second largest altcoin by market value. What is the reason for the rise?

As Ethereum (ETH), the leading smart contract platform, prepares for the highly anticipated Merge upgrade among investors, it is stated that the blockchain update is seen as an upward move for the cryptocurrency. Accordingly, the Ethereum network continues to record significant activity. Prior to the Merge upgrade , which is expected to be completed on September 15, there was a significant increase in the number of addresses of Ethereum.

Increase in Ethereum Addresses

The second largest alt, the Ethereum network has 202,361,298 addresses as of August 2, while it has 204,571,827 addresses as of September 2. This number represents an increase of 2,210,529 addresses in a month. It is stated that the addresses added to the network are active and the number of addresses that join the network does not show the number of people, because it is said that individual investors can have more than two addresses in different Ethereum wallets.

While the cryptocurrency market is experiencing massive selloffs in its current position, Ethereum address growth can be partially attributed to the Merge upgrade , which will migrate the network to a Proof-of-Stake (PoS) technology . The new address holders are said to be in an effort to accumulate the second-ranked cryptocurrency by market capitalization in anticipation of a possible rally. Because among the investors, the idea of an excellent profit-taking opportunity for the upgrade to be applied due to the current market conditions prevails. Accordingly , Ethereum showed signs of recovery in its price due to the expectations of an increase in the near future and made a short-term rally in August following the announcement of the upgrade.

“Conditions Suitable for Ascension”

On the other hand, Santiment , a blockchain data analysis platform, tweeted on August 30, “When historical data are examined, these conditions are more common for the price increase of the cryptocurrency.” used the phrases. It will be understood more clearly in the coming days how the Merge upgrade, which is highly anticipated by investors, will affect the current bear market.

At the time of writing, Ethereum, the leading smart contract platform, is trading at $ 1,553.

Source: coin-turk.com