Ethereum’s Active Addresses Suggest ETH Is Closer to $500 Than We Think

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Ethereum’s Active Addresses Suggest ETH Is Closer to $500 Than We Think

Bitcoin was the center of attention for a couple of days earlier this week as it rallied to $15,955, having cleared the strong resistance from 2019. Following the benchmark crypto’s rally, experts are now looking at ethereum and other altcoins.

Now that bitcoin bulls seem to be taking a breather as the price settles at $15,500, other cryptocurrencies are enjoying a rally — including the world’s second-largest cryptocurrency by market cap, ethereum. In particular, ethereum’s active addresses suggest that its moment to shine could be nigh, according to the latest findings by cryptocurrency analytics platform Santiment.

Ethereum’s Active Addresses Suggest Capital From Bitcoin Will Cycle Into ETH
The bitcoin price has surged over 30 percent since October 21 in the face of the US election and overall weakness of the dollar. The cryptocurrency has obliterated hurdles along the way, one after another, with the first one being the June 2019 high of $13,880. As BTC climbed higher, most observers noted that the uptrend would hurt altcoins since it took most of the volume from the cryptocurrency market. In fact, as bitcoin rallied, most altcoins depreciated against the dominant cryptocurrency.

However, the trend could soon reverse as capital flows from bitcoin to ethereum and other altcoins. Researchers at Santiment observed that activity has been building upon the ethereum blockchain since the beginning of this month. Worth noting that increased activity on the ethereum network is oftentimes followed by the price of ether rising as was seen during the decentralized finance (DeFi) frenzy in the third quarter of this year.

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