Ethereum (ETH), the second-largest cryptocurrency by market value, is seeing a significant rise in network activity. According to data from Santiment, a blockchain analytics platform, Ethereum's network is now seeing 484,000 unique addresses interacting on the network per day.
This metric depicts the number of unique users on the Ethereum network, reflecting growing demand and utility.
A higher number of interacting addresses suggests that more users are sending and receiving transactions, deploying and interacting with smart contracts, participating in decentralized applications (dApps) and engaging in other Ethereum-related activities.
According to Santiment, the ETH network is encouragingly rising in active addresses and network growth. This increased utility, it adds, is a primary pillar to justify an increasing ETH market cap.
ETH's network growth coincided with Ethereum rebounding to $2,345 for the first time since its decline began on Jan. 22.
Ethereum bounced to highs of $2,391 in yesterday's trading session before retracing to around where it trades presently. At the time of writing, ETH was down 0.83% in the last 24 hours to $2,300.
Santiment highlighted that the Ethereum network is already growing daily at a 28% faster rate than three months ago. Aside from the 484,000 unique addresses that interact with the ETH network each day, 101,000 new ETH addresses are generated each day.
ETH predicted to reach $4,000
Standard Chartered anticipates that the U.S. Securities and Exchange Commission will allow exchange-traded funds to hold the Ethereum in May.
The deadline for the agency to review VanEck and Ark 21Shares' ETF applications is May 23, according to a research study released Tuesday.
Geoff Kendrick, head of FX Research, West and Digital Assets Research at Standard Chartered, predicts Ether's price will grow to $4,000 by the predicted May 23 approval date, provided it follows a trading pattern similar to Bitcoin during the ETF approval process.