In the last day, Ethereum's price has increased by an additional 2% to $1840, giving it a $221 billion market capitalization.While all the attention is focused on Solana, XRP, and Cardano during the altcoin market rise, Ethereum (ETH) has been quietly moving forward in parallel.
Ethereum Network Explodes
The creation of new addresses has significantly increased, according to Santiment's on-chain statistics, supporting Ethereum's recent jump beyond $1,800. This is the greatest daily figure since October 7th.
With the network's long-term expansion trend continuing and the supply on exchanges getting less, Ethereum's price ($ETH) has a good chance of breaking beyond $2,000 once more.The talk around the recent increase in the price of ETH was spurred by Vitalike Buterin migrating Ethereum to Coinbase. Additionally, despite the current selling pressure, the data on Ethereum derivatives indicates an increasing optimistic mood.
The price of Ethereum (ETH) has dropped by 14.8% since it peaked on April 16, 2023, at $2,100. Nonetheless, two important derivatives indices show a notable rise in investor optimism that hasn't been witnessed in more than a year.
