YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Ethereum Marks Highest Growth Day In 2022, Will ETH Price Follow?

October 10, 2022
in Bitcoin
Reading Time: 3 mins read
A A
Ethereum Marks Highest Growth Day In 2022, Will ETH Price Follow?
ShareShareShareShareShare

You might also like

Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023

Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023

June 5, 2023
Binance Exposed For Allegedly Controlling U.S. Affiliate’s Bank Accounts

Binance Exposed For Allegedly Controlling U.S. Affiliate’s Bank Accounts

June 5, 2023

All eyes have been on the Ethereum network since it moved from a Proof of Work (PoW) to a proof of Stake (PoS) mechanism. Granted, the digital asset’s price hasn’t done as well as many had predicted it would after the upgrade but the new functions of the network remains fascinating. Now, Ethereum has marked another milestone following the upgrade, with the largest single growth day recorded so far in 2022.

Growth On Steroids

Activity on the Ethereum blockchain has been higher since the Merge was completed. The steady increase had inadvertently led to the highest growth day on record for Ethereum in the year 2022. The previous high for the year had been back at the beginning of January but the numbers recorded on Saturday, October 8, had effectively crushed the January 3rd numbers.

On-chain data analysis firm, Santiment, said that on October 8th, a total of 135,780 new Ethereum addresses were created. This was 11.1% higher than the numbers from January and is now a new all-time high for the network in 2022.

? #Ethereum saw a surge of new addresses created Saturday, with 135,780 new $ETH addresses popping up on the network. This is 11.1% more network growth than the next highest of 2022 (Jan 3rd). Utility rises commonly foreshadow potential asset breakouts. https://t.co/tIRv6sJxJc pic.twitter.com/boA6v5jk8W

— Santiment (@santimentfeed) October 9, 2022

Perhaps even more interesting than the network growth itself is the project that is being credited for it. A new token called Xen that was created by an ex-Google employee had launched with a novel feature; allowing users to be able to mint their own tokens. Speculations are the new wallet creations were to take advantage of the token launch and mint the Xen tokens, of which more than 400,000 has already been minted so far.

ETH price trending above $1,300 | Source: ETHUSD on TradingView.com

Will Ethereum (ETH) Price Rise?

Such considerable growth in a short period of time always works toward a bullish tendency for any digital asset. For Ethereum, this new growth could definitely lead to a breakout in the price. This will likely push the price of the cryptocurrency above $1,500 once more and the deflationary nature of the ETH issuance supports this.

With Xen’s launch, it has accounted for about 42% of the total fee burned by the network. At more than 163 ETH burned in 24 hours, ETH issuance had turned deflationary, with less ETH coming into circulation. If the supply continues to decrease, then it is possible that a breakout will happen for ETH.

However, it is also important to keep in mind that more often than not, the price of Ethereum tends to closely follow that of bitcoin. Since bitcoin has shown no indication of a breakout, it would hinder any possibilities of a rally from ETH, likely stifling its growth. So while the present events may point to a breakout for the second-largest cryptocurrency, it still waits on bitcoin to lead the way.

Featured image from Crypto News, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…


Credit: Source link

Related Stories

Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023
Bitcoin

Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023

June 5, 2023
Binance Exposed For Allegedly Controlling U.S. Affiliate’s Bank Accounts
Bitcoin

Binance Exposed For Allegedly Controlling U.S. Affiliate’s Bank Accounts

June 5, 2023
Neutronpay And BitcoinVN To Host Lightningcon Vietnam, Asia’s First Bitcoin And Lightning Conference
Bitcoin

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Wakweli teams up with BLG to solidify web3 legal expertise
Bitcoin

TON Foundation updates TON virtual machine

June 5, 2023
Next Post
What is the Injective Protocol, and why is it an exciting watch?

What is the Injective Protocol, and why is it an exciting watch?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

Pixel Penguins, an NFT Charity Scam, Shows Dangers Of NFT Influencer Culture – CoinDesk

May 31, 2023
FBI urges caution with cryptocurrency scams on the rise – 9News.com KUSA

2 arrested in $80K scam of Ocala woman – Yahoo News

June 1, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 25,680.00 4.95%
    • ethereumEthereum (ETH) $ 1,809.01 3.78%
    • tetherTether (USDT) $ 1.00 0.04%
    • bnbBNB (BNB) $ 277.90 8.46%
    • usd-coinUSD Coin (USDC) $ 0.999746 0.02%
    • xrpXRP (XRP) $ 0.510295 4.67%
    • staked-etherLido Staked Ether (STETH) $ 1,809.38 3.79%
    • cardanoCardano (ADA) $ 0.349659 7.28%
    • dogecoinDogecoin (DOGE) $ 0.066570 7.85%
    • solanaSolana (SOL) $ 19.90 9.2%
    • matic-networkPolygon (MATIC) $ 0.831312 6.44%
    • tronTRON (TRX) $ 0.078756 3.08%
    • litecoinLitecoin (LTC) $ 87.83 6.25%
    • polkadotPolkadot (DOT) $ 5.06 4.4%
    • binance-usdBinance USD (BUSD) $ 0.999775 0.02%
    • avalanche-2Avalanche (AVAX) $ 13.86 6.21%
    • shiba-inuShiba Inu (SHIB) $ 0.000008 6.79%
    • daiDai (DAI) $ 0.998818 0.11%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 25,774.00 4.68%
    • uniswapUniswap (UNI) $ 4.71 5.57%
    • leo-tokenLEO Token (LEO) $ 3.53 2.03%
    • chainlinkChainlink (LINK) $ 6.04 6.13%
    • cosmosCosmos Hub (ATOM) $ 9.99 7.16%
    • okbOKB (OKB) $ 44.37 2.72%
    • moneroMonero (XMR) $ 139.86 5.42%
    • the-open-networkToncoin (TON) $ 1.66 4.42%
    • ethereum-classicEthereum Classic (ETC) $ 17.00 6.08%
    • stellarStellar (XLM) $ 0.088245 3.55%
    • bitcoin-cashBitcoin Cash (BCH) $ 108.79 5.6%
    • true-usdTrueUSD (TUSD) $ 1.00 0.12%
    • lido-daoLido DAO (LDO) $ 2.19 4%
    • internet-computerInternet Computer (ICP) $ 4.30 9.36%
    • filecoinFilecoin (FIL) $ 4.21 8.89%
    • quant-networkQuant (QNT) $ 112.73 2.45%
    • aptosAptos (APT) $ 8.08 10.07%
    • hedera-hashgraphHedera (HBAR) $ 0.048446 4.15%
    • crypto-com-chainCronos (CRO) $ 0.058535 3.41%
    • arbitrumArbitrum (ARB) $ 1.14 3.45%
    • nearNEAR Protocol (NEAR) $ 1.49 7.54%
    • vechainVeChain (VET) $ 0.018379 6.66%
    • apecoinApeCoin (APE) $ 2.87 13.1%
    • the-graphThe Graph (GRT) $ 0.115194 7.66%
    • paxos-standardPax Dollar (USDP) $ 0.999892 0.06%
    • fraxFrax (FRAX) $ 0.999034 0.05%
    • algorandAlgorand (ALGO) $ 0.137399 9.42%
    • the-sandboxThe Sandbox (SAND) $ 0.519635 12.94%
    • eosEOS (EOS) $ 0.840429 8.57%
    • elrond-erd-2MultiversX (EGLD) $ 36.22 3.46%
    • rocket-poolRocket Pool (RPL) $ 47.14 4.36%
    • optimismOptimism (OP) $ 1.38 5.7%