- The number of active ETH addresses reached a single-day high of 486,000 recently.
- The last time Ethereum’s address activity was this high was in May 2018.
- Ethereum’s growing popularity is mostly due to the increasing interest in DeFi products.
As per Santiment, the number of unique addresses interacting with Ethereum recently went through a massive spike, reaching a single-day high of 486,000. The last significant high was achieved on May 5th, 2018.
The number of daily addresses interacting with $ETH has spiked in the past 24 hours to a 2-YEAR SINGLE DAY HIGH of 486,000 addresses! The last time Ethereum's address activity was this high was on May 5th, 2018. https://t.co/Dh6jyQ2v1X pic.twitter.com/XsQB1jmx07
— Santiment (@santimentfeed) June 30, 2020
Ethereum’s growing popularity is mostly due to the increasing interest in DeFi products. As per DeFi Pulse, the total amount of value locked in DeFi has crossed $1.4 billion, with ETH accounting for the majority. From 2.62 million at the start of June, the amount of Ether locked in DeFi reached 3.1 million on June 29.
However, some cryptocurrency experts believe decentralized finance may lead to unintended consequences. Waves CEO, Sasha Ivanov, earlier said that the growing interest in DeFi could lead to another “ICO bubble.”
DeFi is the future, but it's going to be coming through a bubble part of the cycle now, which can harm its long-term development.
ETH/USD daily chart
ETH/USD jumped up from $225.60 to $230.94 after bouncing up from the SMA 50 curve. The price has lost momentum near the SMA 20 curve. The Elliott Oscillator has had seven straight red sessions, showing that the overall market sentiment is presently bearish.
The bulls need to conquer resistance levels at $232 (SMA 20), $238 and $243.40 (upper curve 20-day Bollinger Band). On the downside, healthy support lies at $227.54, $225.82 (SMA 50) and $220.68.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.