Ethereum on the verge of a huge milestone after a bullish start to 2023

Ethereum on the verge of a huge milestone after a bullish start to 2023

The price of ETH has been recovering in recent weeks. But that’s not the only news that helped Ethereum gain bullish momentum this month. The decentralized computer network is approaching 100 million Ethereum addresses.

Crypto prices continue to swell with capital inflows as we enter the second half of January. Positive macroeconomic data continues to impact asset valuations across the board.

The S&P 500 Index and NASDAQ Composite have continued their New Year's rally with crypto prices in tow. The increasing correlation between crypto prices and stock prices indicates the maturity and acceptance of crypto at this stage.

But Ethereum’s resurgent price action is not the only long-term bullish indicator currently materializing. Ethereum network activity and usage continues to sail to new all-time highs.

An important milestone

The number of Ethereum addresses with non-zero balances continues to rise. It hit a record high of 92.5 million addresses this week, according to new data from Glassnode.

Active addresses on Ethereum are also increasing, with a sharp increase in recent activity.

Active addresses are a measure of the number of unique addresses that are transmitted as senders or receivers. Only those who have successfully completed a transaction are counted.

So Ethereum users don't just hold their Ether. You use it to run programs on the network. Even though the crypto price winter has affected some crypto exchanges and custodians, it has not interrupted the demand for new addresses and transactions.

While the drama and scandal of these crypto startup failures make for some wild headlines, they don't paint a true picture of the progress the crypto ecosystem is making in development, adoption, and usage.

At the current growth rate, Ethereum addresses could reach 100 million by the second quarter of 2023.

The Ethereum network is alive

The number of unique Ethereum addresses is considered a good proxy indicator of overall adoption levels. It shows that Ethereum adoption is on the rise.

Day traders don't just move the Ethereum price line up and down on a candlestick chart. People are actually adopting and using decentralized finance applications and paying ETH gas fees to run them.

Here are some interesting ways people use Ethereum in a list compiled by Consensys.

Over at NPR's Business Desk, David Gura wrote on Wednesday:

“The fallout from the catastrophic collapse of crypto exchange FTX is spreading, and a so-called “crypto winter” that has dragged on for months shows no signs of abating.”

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