Ethereum briefly eclipses Bitcoin in terms of active addresses!

A rare event in the crypto world: Ethereum has just dethroned Bitcoin in terms of daily active addresses. Recent data revealed that the Ethereum network abruptly crossed the one million active address mark on September 13. This shows that this powerful blockchain continues to dominate the DeFi sector. However, the price of Ether (ETH) continues to stabilize, without showing major movements.

New records recorded on Ethereum

The number of daily active addresses of Ethereum (ETH) has crossed the million mark, surpassing Bitcoin. Indeed, on September 13, the network had 1.03 million daily active addresses, more than that of Bitcoin (BTC) and BNB. The queen of cryptos only had 743,800 on the same day.

Number of daily active addresses on the Ethereum, Bitcoin and BNB Chain network – source: Artemis

THE Santiment data also confirm this growth by displaying 1,089,893 active addresses this Wednesday. This is the second highest in the history of the Ethereum network, the record being reached on December 9, 2022.

After this sudden spike, the metric returned to its initial levels.

Ethereum also shows significant growth in on-chain activities with 1,627,860 transactions recorded on the network on the same day. This marks a new record, surpassing the 1,406,000 transactions recorded exactly three years ago.

These numbers demonstrate the growing interest in Ethereum so far. It continues to play a key player in the world of DeFi and smart contracts. As a reminder, crypto currently has a market capitalization of $196 billion.

The bearish trend persists for the crypto ETH

Although interest in Ethereum is growing, the price of crypto remains strongly linked to the price movements of Bitcoin (BTC). This makes ETH currently moving in a downtrend. Additionally, history shows that September is generally a bearish month for the crypto market. The bearish phase is particularly felt before halving events.

The price of the crypto Ethereum (ETH) could persist in its downward trend over the next few weeks. For this, the support zone at $1,550 could be a potential target. This downward trend is confirmed by the fact that ETH is currently below its 200-day moving average.

Ethereum (ETH) chart – source: TradingView

However, it is essential to note the presence ofa divergence between the price of ETH and the RSI indicator. This indeed suggests a possible upward recovery in the price. At the time of writing, the price of Ethereum’s native crypto is at $1,657.

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