Ethereum address activity expands practically 50% in October amid growing demand
Ethereum address activity increased in October. Demand has increased in the market, creating a bigger market for Ethereum services.
Ethereum has seen an unprecedented surge in the last couple of weeks, which has resulted in increased network activity.
Data on the Ethereum network showed an increase recently after some declines in September, according to on-chain data sourced by Santiment.
Now that the digital currency Ethereum had a new record high in October, its value gained significantly earlier in October and then settled. The price of Ethereum after it fell to $1,780 in July is worth $2,300 today.
The network activity, while it potentially reflects the role Ethereum plays in the crypto ecosystem, is not to be seen as a direct reflection of Ethereum’s dominance in the marketplace.
In recent years, the technology called ‘DeFi‘ and non-fungible tokens have been among the hottest topics in the blockchain community. The two products have helped Ethereum’s capital inflow increase significantly and contribute to a bigger market cap
Ethereum has made many improvements and upgrades, one of which addressed the additional fees that stakeholders had to pay on its network due to technical issues.
As a result, the network is experiencing massive improvements and it is relocating into the relocalization of societal goods. You can find more about these upgrades on our website or in the latest blog post. The increased fees paid to miners by the network have been increasing due to recent upgrades. The result is a decrease in the reward of the network as a function of increased utility.
It seems like the upgrades are in line with the shift to Proof-of-Stake protocol. A large increase in crypto adoption in the past few months has seen a spike in the value of ETH2.0 contract deposits, with a recent report from Feingold.
The Altair Beacon Chain update is incredibly important to Ethereum 2.0. It has been updated by 98.7% of nodes which means the plan is moving forward.
By press time, the asset was trading at $4,603, having fallen by about 1% over the last 24 hours.