Of all the altcoins in the crypto space, the #Ethereum price has been the one that has closely followed the performance trend of #bitcoin . The digital asset has been able to break above the $1,800 level multiple times, leading more investors to take profit.
But even more importantly, the on-chain data shows increased adoption of the cryptocurrency. ETH exchange withdrawals hit 3-month highs. Adoption is not far behind either, as the network has seen an increase in the number of new addresses created.
This metric also recovered to a three-month high as new ETH addresses increased. Importantly, the #Arbitrum (ARB) airdrop spurred blockchain adoption, as many rushed to take advantage of the new liquidity.
Sources consulted for metrics: Glassnode
