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ethereum active addresses altcoin season
Nexo Logo

Prelude To Altcoin Season: Ethereum Active Addresses Revisit ‘DeFi Summer’ Highs

Tony Spilotro by Tony Spilotro
2 years ago
in ETH
Reading Time: 3 mins read
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After Bitcoin, the top-ranked altcoin, Ethereum, and the rest of the altcoin category have yet to set a new all-time high beyond the peak set in late 2017 and early 2018.

Early signs that Bitcoin’s bull market was brewing was tipped off by a slow and steady increase in BTC address activity, and now that trend is taking place across ETH wallets. Wallet activity has now reached a level not seen since this summer’s DeFi surge. But what exactly does this mean for the second-place cryptocurrency?

Ethereum Address Activity Returns To 2020 Highs, Ditches DeFi Bandwagon

The cryptocurrency asset class was created with the emergence of Bitcoin, and since its inception, an entire market filled with thousands of coins has amassed.

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As if fundamental analysis compared to traditional assets wasn’t challenging enough, how to approach each cryptocurrency also fundamentally varies depending on its use case.

Related Reading | Entrepreneur Calls Ethereum Silver To Bitcoin As Digital Gold, Not Litecoin

Bitcoin is rather straightforward compared to others, as adoption can be measured by BTC wallet activity and blockchain transactional behavior. When more users are holding BTC and moving it off of exchanges and not to them, then the price of the digitally scarce asset goes up exponentially until those users are ready to sell again.

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This fundamental formula of forecasting adoption – and potentially price – is slightly different for Ethereum. Wallet activity does matter, but due to the asset’s smart contracts, and decentralized applications like DeFi, Dapp usage, total value locked in applications, and other metrics also matter a great deal in gauging the altcoin’s long-term health.

ethereum active addresses altcoin season

Active ETH addressed have revisited the DeFi summer peak in August  | Source: glassnode.com

When these DeFi related metrics first exploded over the summer months, active ETH wallets reached a two-year high. Now, even without the supporting DeFi bandwagon booming, those active addresses have achieved a similar milestone.

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Surging activity is great for adoption, but what does this actually mean for Ethereum price?

Crypto Market Cycle: Could The Top Altcoin Finally Catch Up To Bitcoin?

Ethereum is currently trading at over $600 and is more than 50% away from its all-time high of $1,400 set at the start of 2018. The altcoin market topped out nearly two-to-four weeks after Bitcoin did, as profit flowed from the top-ranked cryptocurrency into altcoins and then finally into cash.

Bitcoin, however, has not only set a new peak price in 2020, but the cryptocurrency is currently more than $3,000 higher than its former all-time high, even after an over $1,000 correction.

Cleary, Bitcoin has been playing a game of catch up and excelling. Next, Ethereum could catch up and follow the top cryptocurrency’s trajectory.

Could this uptick in activity cause Ethereum to catch up to Bitcoin finally? | Source: ETHUSD on TradingView.com

Just like BTC wallet address activity spiking ahead of genuine interest and that familiar FOMO feeling returning to Bitcoin, the same uptick is happening in Ethereum.

Related Reading | This Bearish Chart Pattern Could Cut The Crypto Altcoin Market Cap by 50%

A boost in wallet activity last month even helped the crypto market’s biggest laggard, XRP, skyrocket as part of a 200% rally. If Ethereum can pull off a similar feat, a more than 200% rally is just what the altcoin needs to help propel it toward former peak prices, and potentially set a new record just like Bitcoin has.

And because just as the summer months has shown, when Ethereum gets going, altcoins – especially DeFi tokens – also begin to move. Is this also the catalyst for a coming altcoin season?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: alt seasonaltcoinaltcoinsbitcoinbtcbtcusdBTCUSDTcryptoDeFiETHethbtcethereumethusdETHUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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