<p>The Ethereum network saw a record influx of new users at the end of April, despite a bearish crypto market. This newfound momentum is rekindling hope, but the influence of “whales” raises questions.</p> 
<h2 id="h-the-rush-towards-ethereum">The Rush Towards Ethereum</h2> 
<p>According to Santiment, a company specializing in blockchain analysis, April 28 and 29 saw the creation of 266,600 new Ethereum wallets, a record since October 2022. This surge contrasts with the general gloom of the <a href="https://www.cointribune.com/en/?p=689845" target="_blank" rel="noreferrer noopener">crypto market</a>.</p>
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<p>Several <a href="https://www.newsbtc.com/news/is-ethereum-back-record-267000-new-users-spark-speculation/" target="_blank" rel="noreferrer noopener">factors</a> explain this renewed interest:</p> 
<ul> 
 <li>The anticipation of upcoming network updates, aimed at improving its performance and security.</li> 
 <li>The recent fall in prices, perceived as a buying opportunity by investors looking for bargains.</li> 
</ul> 
<p>However, behind this improvement hides a more nuanced reality. According to CoinMarketCap, 97% of Ethereum addresses hold less than $1000 in crypto, while a handful of “whales” concentrate 41% of the circulating supply, according to Clank, a whale tracking platform.</p> 
<p>On average, each whale owns close to 10 million ETH, equivalent to $3.7 million, giving them a considerable influence over the network.</p> 
<h2 id="h-eth-stands-strong-amidst-the-storm">ETH Stands Strong Amidst the Storm</h2> 
<p>Despite concerns related to capital concentration, <a href="https://www.cointribune.com/en/ethereum-and-its-record-low-fees-prelude-to-a-crypto-boom/" target="_blank" rel="noreferrer noopener">Ethereum has shown resilience</a>. Its price has risen by 30% since the beginning of the year, while the general crypto market has fallen by 8.75% in one week. Currently, ETH is trading at $2971.73 with a total market capitalization of $352 billion.</p>  
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<p>This relative stability reflects investors’ confidence. According to the data available, 74% of Ethereum holders bet on the long term and keep their positions despite the <a href="https://www.cointribune.com/en/crypto-a-500-million-liquidation-threat-on-ethereum/" target="_blank" rel="noreferrer noopener">market volatility</a>. This “HODLing” (Hold On for Dear Life) mentality illustrates their belief in the project’s future potential.</p> 
<p>The massive arrival of new users on the <a href="https://www.cointribune.com/crypto-vitalik-buterin-repond-aux-detracteurs-du-pos-d-ethereum-et-fustige-le-pow/" target="_blank" rel="noreferrer noopener">Ethereum network</a> sparks optimism, fueled by the anticipation of upcoming improvements and investment opportunities due to the recent drop in prices. However, the concentration of holdings in the hands of a few “whales” remains a matter of concern for the community. Time will tell if Ethereum can maintain this positive momentum and further democratize its ecosystem.</p> 
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Crypto: Ethereum’s strong comeback, a wave of new followers revives speculation

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