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HomeCrypto NewsMarketEthereum Crosses $1,700 After Unusual Spike In Number of Daily Active Addresses

Ethereum Crosses $1,700 After Unusual Spike In Number of Daily Active Addresses

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Ethereum has surged to over $1.7k after network activity hit a new all-time high.


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Ethereum (ETH) Crosses $1,700 After Network Set A New All-time high For Daily Active Addresses, 48% Higher Than Previous Record.

ETH has been sending off signals of an oncoming price surge for some time. Just recently, as reported by The Crypto Basic, the Ethereum network recorded a sudden increase in the number of daily active addresses. The number set a new high, surpassing the previous record by 48% to reach 1.06 million active addresses.

ETH Dashes Above $1,700

Santiment has reported that ETH price has surged to cross the $1,700 mark, a move that could have been fueled by the increase in the active daily addresses. Santiment is a reputable firm focusing on crypto chain analysis and social metrics. At press time, ETH is trading at around $1,725, recording a 5% increase in the last 24 hours and a 7-day surge of about 8.6%.

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This sudden surge in active addresses comes after Ethereum developers executed a shadow fork that will pave the way for the final upgrade of the Ethereum network from a Proof-of-Work to a Proof-of-Stake model. The final merger is expected to happen in September this year. Interestingly, while ETH appears to be surging, founder Vitalik Buterin says the expected merger is yet to be priced in. This sentiment could indicate a growing optimism that the ETH prices could surge higher than the current range. Time will tell.

What’s Going On?

From a critical point of view, several factors could have affected the ETH price. Besides the expected merger and the overall and apparent recovery of the larger crypto market after a brutal winter, the recent move by the Fed to raise interest rates by 75 basis points (0.75%) helped crypto to gain upward momentum. People may be getting into crypto, especially Ethereum, hoping to secure their wealth in the face of inflation.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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