Since the approval of a key spot ETF filing on May 23, 2024, the Ethereum blockchain has added over 76 million new addresses. This surge followed a period of relative stability in Ethereum’s price, which ranged between $2,285 and $2,580 from January to February 2024.
As of August 4, 2024, the total number of Ethereum addresses reached 278,106,038, up from 270,485,174 on the approval date. The addition of 98,899 new addresses on the day of the ETF approval marks a significant increase in activity on the network.
Ethereum’s price has experienced notable fluctuations this year. At the start of 2024, ETH was trading at $2,352 but faced a 21.88% decline to $2,276 in March, despite a significant increase in trading volume. By August 1, 2024, ETH had climbed to $3,200 but then fell back below $3,000. Its market capitalization has seen considerable growth, reaching $281.67 billion recently, with peaks of $497 billion in March and over $460 billion in May.
Currently, the cryptocurrency market has lost 12.33% of its total capitalization in recent hours, with a weekly decline of over 21%, bringing it down to $1.852 trillion. Bitcoin (BTC) is trading at $54,251, reflecting a 10.51% drop in the last 24 hours. Other cryptocurrencies like Bittensor (TAO) and Ethereum Name Service (ENS) have also seen significant declines.
Despite the market downturn, Ethereum’s increase in new addresses suggests a strong and positive outlook for the cryptocurrency. Its growing presence and market capitalization highlight its ongoing influence and potential for future success.
