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NFT Rise: Disrupts ETH Price and Market Performance

Cryptocurrency May 18, 2022 07:30AM ET
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NFT Rise: Disrupts ETH Price and Market Performance

  • The number of active Ethereum addresses is not too correlated to the price of Ethereum (ETH).
  • CryptoQuant showed ETH dropped to approximately 56% from its ATH, while the active Ethereum addresses are only down by 7 %.
  • The continued rise in interest in NFTs seems to be the reason behind the disconnect of the two figures.

According to recent data, the number of active Ethereum addresses is not too correlated to the price of Ethereum (ETH).

Data from the crypto analytics firm, CryptoQuant, shows that the price of ETH has dropped approximately 56% from it’s all time high (ATH). However, the number of active Ethereum addresses is only down by 7 %, according to the analytics firm. As things stand, the number of active Ethereum addresses stands at around 551,705.

Ki Young Ju, a Twitter (NYSE:TWTR) crypto analyst with a fairly large following, highlighted the fact that there seems to be a disconnect between the price movement of ETH since its all time high and the number of daily active Ethereum users. He stated in his latest post that “These degens don’t care about ETH price bu ...

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NFT Rise: Disrupts ETH Price and Market Performance
 

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