The Ethereum (ETH) price is currently stabilising as the combined crypto market cap fell 1.08% to $1.06 trillion. At the time of writing, Ethereum is trading at $1,628.35, down 1.33% in the last 24 hours, although the coin is still up 2.98% in the last week.
While the newest Ethereum price research by U.Today says that market bulls can use the present trend to reload their Ether bags, a number of on-chain developments can assist resuscitate the price if they continue.
According to Glassnode, an on-chain analytics platform, the number of non-zero addresses has reached a new all-time high (ATH) of 93,530,348. This data reveals that more ordinary investors are piling into the digital currency, a trend that, if sustained, can help boost the price of Ether.
📈 #Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 93,530,348
View metric:https://t.co/beS1MtIgAZ pic.twitter.com/XvjWgARE1T — glassnode alerts (@glassnodealerts) February 6, 2023
While the number of small Ethereum holders is increasing, the analytics tool shows that fresh addresses are entering the network. According to on-chain data, the new addresses reached a one-month high of 2,971.881 earlier today.
Taking advantage of its deflationary feature
Since the beginning of the year, the crypto business has benefited from a massive influx of investors eager to recuperate losses caused by the demise of the FTX Derivatives Exchange. Aside from the increased address count and retail presence, Ethereum is expected to gain from its deflationary stance in the medium to long term.
With the increased activity of smart contracts on Ethereum, the total burn rate for Ether spent as fees is increasing, and this trend is likely to continue as additional protocols debut, taking advantage of the upcoming Shanghai hard fork.
With advanced security and usability sandwiched between responsible energy consumption, Ethereum is expected to witness more acceptance, which could lead to price growth in the near future.
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