Ethereum has recently achieved a significant milestone, marking a 4-month high in new wallet creation. On September 8, the network saw the creation of 126,210 new wallets, a notable surge on a typically quiet Sunday for crypto activity. This unexpected growth has generated considerable buzz in the cryptocurrency market.
Ethereum’s Price Action: Recent Trends
Ethereum's price has been on a gradual upward trajectory. From a low of $2,230.88 on September 7, the price climbed to $2,298.80 the following day and now stands around $2,317.12. Despite this positive movement, Ethereum’s current price remains below its 30-day Simple Moving Average (SMA) of $2,544.11. The price attempted to break above this level in late August but faced resistance, leading to a decline. After hitting a monthly low of $2,225.45 on September 6, the market has shown signs of steady recovery.
Daily Active Users: Comparing Layer 1 Chains
In terms of daily active users, Ethereum currently has around 371,600, reflecting a 9.2% increase. However, when compared to other prominent Layer 1 (L1) blockchains, Ethereum's figures lag behind. Solana leads with approximately 2.32 million daily active users, marking a substantial 157% increase. BNB Chain follows with 803,860 active users, showing a modest growth of 0.6%.
Conclusion
Ethereum’s recent spike in wallet creation is a positive indicator, potentially boosting market confidence and impacting its price positively. However, in terms of daily active users, Solana remains dominant among L1 chains. As Ethereum continues to grow, its performance relative to other blockchains will be crucial in determining its future market position.
September 2024, Cryptoniteuae