Ethereum (ETH) has been experiencing an uptick in address activity, which has been instrumental in propelling notable momentum.
Crypto analytic firm Glassnode explained.
Glassnode also pointed out:
“The number of Ethereum addresses holding 1+ coins just reached an ATH of 1,566,309 Previous ATH of 1,566,270 was observed on 27 July 2022.”
ETH addresses holding more than ten coins also hit historic highs. This uptrend in address activity has played an instrumental role in instigating the bullish momentum witnessed in the Ethereum network.
For instance, the second-largest cryptocurrency was up by 11.09% in the last seven days to hit $1,691 during intraday trading, according to CoinMarketCap.
The recent revelation that the most probable date for the merge would be September 19 has also been pivotal in giving Ethereum an uptick.
The merge is expected to transform the Ethereum network into a proof-of-stake (PoS) consensus mechanism from the current proof-of-work (PoW) framework, which has...
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