According to crypto analyst Ali Martinez, the number of active Ethereum network addresses reached 600,000 on July 25, 2022.
According to the chart of Ethereum network active addresses on the Glassnode website, 604,888 unique addresses were active on the Ethereum network last day. The growth of daily active addresses indicates the increasing use of blockchain among users.
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Increasing the number of active Ethereum network addresses
The growth of Ethereum active addresses over time is an effective way to control the network. This metric is often considered a leading indicator of cryptocurrency price performance. In general, increasing the use of the network will increase the demand for native blockchain tokens. The latest Ethereum network update has not yet had an impact on the price of this cryptocurrency.
At the time of writing, Ethereum is trading at $1,392, down 9.22% from the previous day. The market’s largest altcoin also ended its weekly uptrend with a 10.70% drop from last week. Despite the price drop, Ethereum futures had a liquidity of $104 million last day.
Recent data from Coinshares shows that $8 million in liquidity has flowed into Ethereum over the past seven days, but revised weekly data shows that Ethereum received $120 million in liquidity. Since June 2021, weekly ETH inflows have set a new record. As the unveiling of the Ethereum network integration approaches, investors’ confidence is gradually increasing. Overall, investment in digital assets has grown by $30 million over the past year.
Cash inflow increased from $12 million to $343 million due to the late trading report of the previous week. This statistic made last week the biggest week of Ethereum inflows since November 2021.
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Source: u.today