The number of active unique addresses on the Ethereum blockchain has decreased by 9.84 percent in the last seven days, according to data from CoinMarketCap.
the on-chain activity of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has also decreased.
According to data published on April 11 by the crypto analytics site Nansen, this percentage is higher than that of Binance Smart Chain (BSC), which lost 8.27 percent in the previous week despite having a higher number of active addresses in general.
about 1.81 million addresses were active on the network a week ago, either as senders or receivers in successful transactions, according to the Data.
At the time of writing, there were 1.65 million active crypto wallets on the Ethereum blockchain, which is a record high.
Possible Reasons Behind the Drop in Active Users.
At the time of writing, the second-largest cryptocurrency in terms of market capitalization was trading at $3,030 per coin. In the last seven days, the price has increased from $3,467 to $3,467 (current price)
According to data gathered from CoinMarketCap, the price of Ethereum fell by 12.6 percent over the course of a week and by 6.59 percent over the course of a single day.
Anxiety triggered by the price crash that has hit most major digital assets in recent days could be a contributing factor to the reduction in active addresses.
Ethereum Can surpass Bitcoin – CEO, Galaxy Digital
According to the co-founder of Galaxy Digital Trading, Ethereum will eclipse Bitcoin in three years, citing increased institutional demand as well as the development of Ethereum 2.0 as the primary drivers of this transition.
Arthus Hayes Predicts Ethereum Price for Q2, 2022
According to the former CEO of BitMEX, the two largest cryptocurrencies are “highly related” to the Nasdaq-100 stock market index.
Previously, former BitMEX CEO Arthur Hayes projected that the price of Ethereum would collapse to $2,500 by the end of June, in a Medium blog post published this week.
He predicts that Bitcoin will test the $30,000 barrier by the end of the third quarter of this year.