The Ethereum Network experienced a sudden increase in daily active addresses, and the reason behind this spike is unclear
Ethereum, the second-largest cryptocurrency, has hit a new high in daily active addresses, according to data provided by the cryptocurrency analytics company. IntoTheBlock,
Over 1.1 million addresses traded ETH yesterday, a 48% increase over the previous record.
The exact reason for the sudden increase in activity is unknown.
as noted By CoinMetrics researcher Kyle Waters, the massive increase was attributed to sending addresses. The number of addresses received remained basically the same. Furthermore, there was a rapid increase in the number of small Ethereum transfers between $100 and $1,000. Binance received approximately 621,691 inbound ETH transfers. According to Conor Grogan, Head of Strategy at US cryptocurrency exchange Coinbase, the sudden spike could be attributed to Binance maintenance sweep instead of adopting.
Meanwhile, the price of the cryptocurrency rose by more than 15% after the US Federal Reserve raised the benchmark interest rate by 75 basis points.Ether has experienced a resurgence at the peak of the merge event, which will mark its full transition to a proof-of-stake consensus mechanism. As reported by U.Today, Digital Currency Group CEO Barry Silbert recently tweeted that he is “really excited” about the much-anticipated network upgrade.
However, it should be noted that Ethereum will not be able to fix all of its scaling woes right out of the gate with a merge. Following the event, the blockchain will only be partially complete, and will undergo further upgrades before it can be used to its full potential.