Despite the state of the cryptocurrency market, blockchain technology and related assets continue to soar to new highs, driving the market for cryptocurrencies worldwide. Following the recovery of the cryptocurrency market, today’s news reported that Ethereum’s on-chain activity reached a record high.
Only in the past few months have several indicators of the Ethereum network shown continuous rises.
According to Etherscan data, the daily average quantity of ETH transmitted through the network has recently surpassed 1 million once more, demonstrating that network activity hasn’t really changed in the last three months.
Other measures, such as network consumption for addresses, surged along with daily transmissions.
The network utilization of Ethereum has surged, reaching a peak of 92.5 million addresses over the weekend, according to the most recent analysis from PrimeXBT.
The second-largest cryptocurrency by market value, Ethereum, has started to challenge Bitcoin as the leading cryptocurrency. The Ethereum network has increased every year since it was first introduced to the market, with no significant losses.
The number of unique addresses on the Ethereum network has risen by almost 10% over the previous six months, setting a new high of 221 million. The number of smart contracts validated on the network every day has increased by 140% since last year, along with the rise in other indicators.
Web3’s quick adoption and the emergence of new ecosystems have increased the number of potential blockchains like Ethereum, which has allowed native tokens to remain steady and experience minimal decreases. Cryptocurrency YouTuber Lark Davis claims that Ethereum has been largely stable throughout the downturn market.
