Ethereum User Tsunami: Record 94,000 New Accounts And $32 Million In Staked Funds

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

According to CryptoQuant’s data on November 4th, Ethereum (ETH) achieved a significant milestone. The aggregate amount of funds staked in the Ethereum 2.0 smart contract has experienced a notable surge, reaching a commendable sum of $32 million.

The current increase in value is indicative of a larger pattern in which investors are consistently and proactively investing in ETH, thereby propelling the Ethereum ecosystem to unprecedented levels of growth.

In the broader context of the year 2023, Ethereum’s exceptional performance is clearly observable, as it has contributed a significant $74.5 billion to its market value thus far this year.

Source: CryptoQuant

The jump in market capitalization recorded at the beginning of the year on January 1 marks a significant gain of 51% from the initial value of $146 billion.

The latest data trends from on-chain sources also reveal a significant rise in the number of new user addresses for Ethereum. This demonstrates the platform’s ability to withstand the unexpected departure of Binance founder Changpeng Zhao and the consequent minor decline in cryptocurrency markets that occurred last Wednesday.

On Friday, Ethereum (ETH) demonstrated a noteworthy resurgence as it successfully regained the price level of $2,100. This quick recovery occurred following the instability caused by the resignation of Zhao and the $4.3 billion settlement with the US Securities and Exchange Commission.

ETHUSD breaches the $2k level. Chart: TradingView.com

The consistently changing market dynamics draw attention to the possible consequences of the increase in user activity, prompting investors and analysts to observe the trajectory of Ethereum.

Source: TradingView

On the hourly chart, the price of Ethereum (ETH) currently resides within the central region of the local channel, indicating a state of equilibrium. This suggests that the market is gathering momentum and preparing for a potential significant price movement in the near future.

Meanwhile, upon examining Glassnode’s New Addresses chart, it becomes evident that there has been a notable increase in the user population of Ethereum. Specifically, the Ethereum network witnessed the creation of 94,451 fresh ETH addresses subsequent to recent news occurrences.

Number of new ETH addresses. Source: Glassnode

Upon further analysis of the chart, a significant insight emerges: the most recent occurrence of Ethereum witnessing a substantial influx of new participants took place in July 2023.

The provided data highlights a notable increase in interest and engagement within the Ethereum ecosystem, indicating a significant influx of players that has not been observed since the middle of the year.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.