• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Ethereum

Ethereum more active addresses bitcoin traders are bearish – Markets Insider

Admin by Admin
July 2, 2021
in Ethereum
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
Bitcoin and Ethereum
Bitcoin and Ethereum

Yuriko Nakao

Ether overtook bitcoin in the number of active addresses on its network on Friday, a sign that demand is faltering for the world’s biggest cryptocurrency as its counterpart gains in stature.

Related articles

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

July 1, 2022
Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

June 30, 2022

Data from Bitinfocharts shows ethereum in the lead with 757,859 active addresses, around 49,154 more than bitcoin, which has 708,705. The total number of active addresses on the bitcoin network has dropped 38% from its April peak of 1.1 million.

Bitcoin active addresses
Bitcoin active addresses

bitinfocharts.com

There could be a variety of reasons behind bitcoin’s decline, Justin d’Anethan, head of sales at crypto-trading firm Eqonex, told Insider. These include the huge sell-off in the cryptocurrency in May and the reduction in hashing power of bitcoin miners from China’s mining crackdown, he noted.

“This, coupled with the rise of ethereum and its utility, would have contributed to ethereum overtaking bitcoin in terms of the number of active addresses,” d’Anethan said.

The Chinese ban is estimated to have closed more than 90% of bitcoin mining operations. Ether production was also hit, but any impact is seen as mitigated by the coming 2022 upgrade to ethereum 2.0, which does not require mining.

The slide in active addresses is a sign that demand for bitcoin is fading quickly, as more people sell the cryptocurrency. At the same time, traders may be waiting to buy the dip. That’s a bearish trend for the cryptocurrency’s price, some market commentators said.

The price of bitcoin has fallen around 50% since its mid-April peak of $64,829, trading at around $33,482 on Friday morning. Over the same period, the ether token ether has declined by 11% to around $2,039, and is down more than 50% on its own record high of $4,380 in May.

Some experts see ethereum as poised to break out, given the ease of use of its token and the flexibility of the technology underpinning the network. The decentralized platform is also being used for “smart contracts” and applications that are therefor hard to tamper with.

“Ethereum is and always has been the platform of choice for building smart contracts, due to the maturity of its ecosystem. To this end, ethereum has been the platform of choice for building decentralized applications upon,” d’Anethan said.

The range of decentralized finance, or DeFi, apps runs from savings, lending, trading, asset management, and insurance, to creative media like art and music with NFTs, to gaming worlds and their collectibles

There has been a high rate of adoption of such decentralized finance, or DeFi, applications by companies such as Compound, UniSwap and SushiSwap, d’Anethan noted. These apps are typically built on ethereum, so this has pushed up the number of its active addresses, he explained.

“Ethereum addresses empower people to be an economic agent in a digital world,” Lex Sokolin, a head economist at blockchain company ConsenSys, told Insider.

Share76Tweet47

Related Posts

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

by Admin
July 1, 2022
0

Given Ethereum’s dominance coupled with the current crypto bear market, it remains questionable if L1s will flourish. This was recently...

Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

Facebook Begins Testing Ethereum and Polygon NFTs on Profiles – Decrypt

by Admin
June 30, 2022
0

Meta, formerly known as Facebook, has begun rolling out NFTs for some U.S. creators on its flagship social network.Facebook is...

Ethereum Activates ‘Grey Glacier’ Hard Fork, Merge Likely in September – Blockworks

Ethereum Activates ‘Grey Glacier’ Hard Fork, Merge Likely in September – Blockworks

by Admin
June 30, 2022
0

The hard fork pushed back the so-called “difficulty bomb,” which had been gradually slowing Ethereum block production, improving performance in...

After a Short Rally, Bitcoin and Ethereum Prices Plummet. Here’s What Comes Next, According to These Experts – NextAdvisor

After a Short Rally, Bitcoin and Ethereum Prices Plummet. Here’s What Comes Next, According to These Experts – NextAdvisor

by Admin
June 30, 2022
0

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page — clearly marked — may...

‘Gray Glacier’ Upgrade Goes Live on Ethereum Network – Decrypt

‘Gray Glacier’ Upgrade Goes Live on Ethereum Network – Decrypt

by Admin
June 30, 2022
0

It’s another day, another upgrade for Ethereum as the world’s largest smart contracts platform has just rolled out a new...

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022
DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

DOGE passes Uniswap and Litecoin to become 8th largest cryptocurrency by market cap – Cointelegraph

April 15, 2021
Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0
Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

Enormous 1 Billion XRP Unlocked on Ripple Escrow Wallet, 340 Million XRP Transferred Prior to That – U.Today

July 1, 2022
Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

Polygon, Fantom Users Targeted in Ankr Gateway Hack – Crypto Briefing

July 1, 2022
Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum – Cointelegraph

July 1, 2022
Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

Report Shows Blockchain Will Have a Significant Impact on Businesses – ETF Trends

July 1, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack