Ethereum Network Growth Has Registered High Values Recently
According to data from the on-chain analytics firm , ETH’s network growth has now hit its highest level in around four months. The “network growth” here refers to a metric that keeps track of the total amount of new addresses that are being created on the Ethereum blockchain.
When the value of this metric is high, it means that a large amount of new addresses are coming online on the network. New addresses may be considered analogous to new users joining the chain, so this kind of trend can be a sign that the cryptocurrency is observing high adoption at the moment.
Looks like the value of the metric has been quite high in recent days | Source:As displayed in the above graph, the Ethereum network growth has been observing a rise recently. This would suggest that addresses are being created at increasingly faster rates right now. Generally, adoption picks up during periods of high price volatility as the investors usually find such price action exciting, and so, the network growth indicator can register a spike.
Recently, however, the asset’s price has been mostly moving sideways below the $1,900 level, making it interesting that the indicator has been going up nonetheless. Perhaps the general investors saw the rally that lead up to this period of consolidation and now think that it may pick up again eventually.
ETH Price
At the time of writing, Ethereum is trading around $1,800, down 1% in the last week.ETH has been mostly moving sideways recently | Source: