An Increase in the Price of Ethereum and Interest from Institutions
The increase in the value of Ethereum is illustrative of the growing institutional interest in the cryptocurrency, as seen by the $84.9 million that has been invested in exchange-traded funds (ETFs). A further consolidation of Ethereum’s market dominance is brought about by more on-chain activity.
The number of daily active addresses has climbed by 12%, reaching over 450,000, as watchers of Ethereum have seen an upsurge in activity. Through this growth, a heightened speculative and network utility has been brought to light.
Analysis of the Market, — “The spike in Ethereum’s daily active addresses by 12% to over 450,000, and trading volume for the ETH/BTC pair reaching $85 million signal higher network utility and speculative use.” — the origin
The large ETH/BTC trading activity on Kraken and the 3.5% rise in Coinbase Global’s price reveal that investors are confident in the cryptocurrency. They are indicative of a more general risk-on mentality in the cryptocurrency market.
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