- Ethereum saw a huge spike in the amount of new addresses.
- Utility rises could foreshadow an ETH price breakout.
- ETH is currently trading at $1.319.00 after a 0.32% increase in price.
The market intelligence platform, Santiment, took to Twitter on October 9 to share some promising statistics on the biggest altcoin by market cap, Ethereum (ETH).
Ethereum Network Growth (Source: Santiment)
According to their data, Ethereum saw a huge spike in the number of new addresses that were created on Saturday, October 8. About 135,780 new addresses popped up in just 24 hours. This number is 11.1% higher than the previous highest network growth of 2022 which was recorded on January 3.
In addition to this, the new spike in ETH addresses was also the highest it has been since December 7, 2021.
Santiment concluded the post by stating that utility rises, like the one seen in the Ethereum network growth, usually foreshadow asset breakouts. This is good news for ETH investors as it could indicate an increase in the altcoin’s price over the next few days.
Ethereum / Tether US 1D (Source: CoinMarketCap)
According to the crypto market tracking website CoinMarketCap, ETH is currently trading at $1.319.00 after a 0.32% increase in price over the last 24 hours and after reaching a high of $1,335.66 over the same time period. ETH is also still up 0.94% over the last week.
The altcoin was also able to strengthen against its biggest competitor, Bitcoin (BTC), by about 0.31% over the last 24 hours.
ETH’s 24-hour trading volume is also in the green for the day as it is up just over 4% to now stand at $5,947,867,107. In terms of market cap, ETH stands at $161,773,595,648.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Santiment Data Suggests A Possible Breakout For Ethereum appeared first on Coin Edition.