It became known how the cryptocurrency ethereum managed to overtake bitcoin

According to the Artemis analytical service, the cryptocurrency Ethereum has surpassed Bitcoin in terms of the number of daily active addresses. According to the latest statistics, ETH boasts 1.03 million daily active addresses, while BTC has 743,800.

As Santiment analysts explained, the analysis of activity in the Ethereum chain shows a surge in daily active addresses. Back on September 13, the number of daily active addresses reached approximately 1,089,893. It is noteworthy that this surge is the second highest daily activity in Ethereum’s history, with the highest recorded on December 9, 2022.

Etherscan data shows that the number of daily transactions on the Ethereum network has reached a new all-time high. on September 13, 1,627,860 transactions were recorded, reflecting growing interest and optimism, experts said. The previous peak was recorded on September 17, 2020 and amounted to about 1,406,000.

Santiment analysts suggested that such an increase in network activity could «pave the way for increased market volatility and a potential recovery of the ethereum.» Despite the recent market volatility that has seen ETH $2,968.85 Ethereum -5.34% Market capitalization $356.85 billion VOL. 24 hours $2.65 billion fall below $ 1700, the cryptocurrency remains an important player in the DeFi ecosystem and smart contract space, with about $ 20 billion in total value locked in.

Although Ethereum maintains its status as a major altcoin with a unique fundamental basis, it remains heavily influenced by bitcoin price fluctuations. Historically, September is considered a bearish month for the cryptocurrency market.

Ethereum’s price is expected to continue its decline in the coming weeks, possibly approaching the next support level of around $ 1500. In addition, the digital asset is facing significant selling pressure due to the occurrence of weekly and daily crossovers between the 50 and 200 moving averages (MA).