The spectacular rise in the valuation of ether (ETH), Ethereum's native crypto, is not the only positive dynamic of the platform in recent months. According to the latest data, there is a breakthrough in the total number of Ethereum wallets. Their figure has reached a historic record.
Ethereum now has 118,230 wallets
Ether, the second largest crypto in terms of market capitalization, has seen a remarkable resurgence. After a period of turbulence at the beginning of the month marked by a 25% price drop between March 11 and 19, the asset exceeded the $3,600 mark.
In parallel with this resurgence, the Ethereum network has reached a key milestone, characterized by the increase in the total number of Ethereum addresses. These reached a record number of 118,230 wallets. A revealing increase in the enthusiasm of crypto investors.
This development comes as the crypto has lost some feathers in recent hours. However, the resumption of the rise of crypto cannot be ruled out. This is at least what the MVRV index indicates.
The latter establishes a relationship between the market value and the realized value. Trends show that the MVRV index has plunged into negative territory for 30 days. Data which suggests an undervaluation of ether while signaling a potential rise in crypto.
Ether on the rise, if historical trends continue
You should know that there is a historical correlation between the increase in the number of addresses holding ether and the MVRV index. A report which according to analysts suggests the possibilities for the crypto to see its price explode.
In a graph shared by the crypto data provider Santiment, the trajectory of the price of ether is notably described. This, with details on the total number of holders and the 30-day MVRV ratio.
The correlation suggests that the more addresses holding Ethereum, the lower the MVRV ratio. And in this scenario, there is a greater chance that the price of ether will increase, assuming that historical patterns hold.
Currently, ether is trading around $3,590, following a drop in its valuation of 0.01% over the past 24 hours. A trend out of all proportion to the dynamic crypto activity within the Ethereum ecosystem.
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