Ethereum Surpasses Bitcoin in Active Addresses
In the ongoing competition between Ethereum and Bitcoin, Ethereum seems to be gaining ground and catching up with Bitcoin, especially in terms of active addresses. According to on-chain data tracker Santiment, the number of unique addresses that conducted transactions on the Ethereum network reached its second-highest daily figure ever, surpassing Bitcoin.
This development is significant not only for the blockchain industry but also for the rivalry between these two leading assets. With 1,089,893 daily active addresses, Ethereum has overtaken Bitcoin in this metric. The last time Ethereum reached such a high level of daily active addresses was in December 2022, nearly a year ago, indicating a unique driving force behind this surge.
Artemis Terminal, a data analysis firm, also confirms Ethereum’s lead over Bitcoin in terms of daily active addresses. On September 13, Ethereum recorded 1.03 million daily addresses compared to Bitcoin’s 743,800 addresses. However, Bitcoin managed to regain its lead on September 14.
Despite Ethereum’s impressive surge, it is important to note that the network has struggled to sustain this growth. Additionally, the increase in active addresses can be attributed to the popularity of the Friend.Tech decentralized finance social media platform. As the platform requires an ETH address for participation, it is unsurprising that the number of active ETH addresses on the network experienced an uptick.
Interestingly, this spike in active addresses had little impact on the price of Ethereum itself. The cryptocurrency is still struggling to hold above $1,600, with minimal gains in the last day and losses over the past week.
In conclusion, Ethereum’s rise in active addresses compared to Bitcoin signifies its growing popularity and highlights its potential as a strong contender in the crypto market. However, it remains to be seen whether Ethereum can sustain this momentum and capitalize on its increasing user base.
Sources:
– Santiment: [Link](https://bitcoinist.com/ethereum-active-addresses-hit-2nd-highest-bottom/)
– Artemis Terminal: [Link](https://app.artemis.xyz/comparables)
– Friend.Tech decentralized finance social media platform: [Link](https://bitcoinist.com/friend-tech-tvl-ath/)
– Tradingview.com: [Link](http://Tradingview.com)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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