Ethereum is making a comeback! Activity on the network is booming, with more new users than we’ve seen in eight months.
A Surge in New Users
December saw an average of 130,200 new Ethereum addresses created every day. That’s a level of activity we haven’t seen since April! Data from Santiment, a crypto analytics company, shows a steady climb in new addresses since November, doubling since then. This surge is huge – the highest in eight months.
Another analytics firm, IntoTheBlock, backs this up. They’re seeing transaction activity rivaling March 2024 levels, when Ethereum briefly topped $4,000. Big transactions (over $100,000) totaled a whopping $68.23 billion in just one week – one of the highest weekly totals this year.
Will This Lead to Higher Prices?
All this new activity is fueling speculation that Ethereum’s price could skyrocket. While it’s been stuck between $2,220 and $4,000 for most of the year, this renewed interest could be the push it needs. It’s definitely underperformed compared to some other major cryptocurrencies like Solana and XRP, despite being the biggest altcoin.
Right now, Ethereum is trying to break through the $4,000 resistance level. If it succeeds, $5,000 could be within reach before the end of 2024 or early 2025. Plus, US-based Ethereum ETFs saw a massive $854.85 million in inflows last week – their highest ever! This shows investors are betting big on Ethereum.
