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Significant Growth in Ethereum Blockchain Addresses
Since the approval of spot Ethereum ETFs, a remarkable addition of 7.6 million new addresses has been recorded on the Ethereum blockchain. However, the price trajectory has not mirrored the surge in demand seen within the blockchain.
Impact of Spot Bitcoin ETFs on the Crypto Market
The launch of spot Bitcoin ETFs has propelled the cryptocurrency market into a new realm. Since speculation began regarding the release of these ETFs in October 2023, the price of Bitcoin (BTC) skyrocketed from around $27,000 to an impressive $73,500. By January 2024, when BTC ETFs were officially approved and trading commenced, Bitcoin was trading at approximately $45,000.
Expectations for Spot Ethereum ETFs
Similar expectations were held for spot Ethereum ETFs; however, they have yet to meet the hype surrounding them since their inception. While the price of Ethereum has not reached anticipated levels, the blockchain has demonstrated notable growth in activity.
Growth of Ethereum’s Blockchain
Blockchain technology has made waves globally, attracting numerous institutional investors towards cryptocurrency. Particularly, the Ethereum blockchain stands out as the largest and most active, making it a favored option even among banks.
Attracting New Users with Spot Ethereum ETFs
The approval of spot Ethereum ETFs has started to draw new users to the blockchain. These ETFs were granted approval on May 23, 2024, leading to an increase in Ethereum’s price from $2,285 at the beginning of the year to $2,580. However, this increase cannot be solely attributed to the ETFs.
Address Growth on the Ethereum Blockchain
According to Etherscan data, prior to the introduction of spot ETFs, the number of addresses on the Ethereum blockchain stood at approximately 270,485,174. Following the ETF approval, this number has risen to 278,106,038.
Market Capitalization of Ethereum
Since the start of 2024, Ethereum’s market capitalization has seen significant growth. At the beginning of the year, ETH had a market cap of $281.67 billion, which surged to over $460 billion by May.
Price Resistance and Recent Trends
Despite the impressive growth in blockchain activity, ETH has struggled to break through the $3,500 resistance level, leading to considerable declines in recent weeks. In the last 24 hours, ETH’s trading volume increased by 105%, but concerns about a global recession have reflected negatively on cryptocurrency, resulting in a drop of over 20% in ETH’s price during the same period.
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