Ethereum

2024

April

The winds of change are swirling around <a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow">Ethereum</a>, the world’s second-largest cryptocurrency. Despite a recent price dip, the network has witnessed a surge in new user activity, sparking a wave of optimism. However, the outsized influence of large holders, known as whales, continues to cast a long shadow. 
<h2 class="" data-sourcepos="5:1-5:32" id="new-wallets-open-for-business">New Wallets Open For Business</h2> 
Data from blockchain analytics firm Santiment reveals a surge in new Ethereum wallets, with a record-breaking 267,000 created on April 28th and 29th. This influx marks the highest two-day increase since October 2022 and suggests a potential resurgence of interest in the Ethereum network. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a> saw a milestone as April came to an end. 266.6K new wallets were created on April 28th and 29th, the highest 2-day stretch of network growth since October 8th and 9th, 2022. It is a strong that <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ETH</a> continues expanding despite dipping prices. <a href="https://t.co/SN6xqc3JXV" rel="nofollow">https://t.co/SN6xqc3JXV</a> <a href="https://t.co/KDcjhY30y5" rel="nofollow">pic.twitter.com/KDcjhY30y5</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1785721881380917254?ref_src=twsrc%5Etfw" rel="nofollow">May 1, 2024</a>
</blockquote> 
This trend defies the current market downturn, with many cryptocurrencies experiencing significant price drops. Analysts speculate that the rise in new wallets could be fueled by several factors, including: 
<ul data-sourcepos="11:1-12:1"> 
 <li data-sourcepos="11:1-11:191">Anticipation of future growth: Investors may be looking towards upcoming Ethereum upgrades that promise improved scalability and security, betting on the network’s long-term potential.</li> 
 <li data-sourcepos="12:1-12:1">Bargain hunters: The recent price dip might be seen as an attractive entry point for new investors seeking a discount on Ethereum.</li> 
</ul> 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-606325" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692" alt="" width="1024" height="692" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692?w=1290 1290w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_d8eb78.png?resize=1024%2C692?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 class="" data-sourcepos="14:1-14:46" id="on-minnows-and-whales">On Minnows And Whales</h2> 
While the number of new users is encouraging, a closer look at Ethereum’s address distribution reveals a stark disparity in holdings. According to CoinMarketCap, a staggering 97% of Ethereum addresses hold between $0 and $1,000 worth of the <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">cryptocurrency</a>. This signifies a large pool of small-scale investors, often referred to as “minnows.” 
However, the real power lies with a select few. Whale tracking platform Clank estimates that whales, representing only 0.10% of all Ethereum addresses, control a whopping 41% of the total circulating supply. This translates to an average holding of nearly 10 million ETH per whale, valued at a staggering $3.7 million. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/rg9QrIIV/" width="2475" height="1163"> 
<h2 class="" data-sourcepos="22:1-22:40" id="holding-steady-a-vote-of-confidence">Holding Steady: A Vote Of Confidence?</h2> 
Despite the recent price decline, Ethereum appears to be weathering the storm better than the broader crypto market. In fact, Ether is up more than 30% year-to-date (YTD) from an opening price of about $2,282. 
As of today, Ethereum sits at $3,014, with a total market capitalization of $362 billion. Notably, the market experienced an average decline of 8.75% over the last week, highlighting Ethereum’s relative resilience. 
Furthermore, data suggests that a majority of Ethereum investors (74%) are long-term holders, demonstrating a strong belief in the project’s future. This <a href="https://www.investopedia.com/terms/h/hodl.asp" target="_blank" rel="noopener nofollow">“hodling” mentality</a> indicates a commitment to maintaining their Ethereum positions for the long haul, even in the face of short-term market fluctuations. 
Featured image from Pixabay, chart from TradingView

Is Ethereum Back? Record 267,000 New Users Spark Speculation

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