Ethereum has seen an increase in the number of active addresses

There is a lot of speculation about a sudden recovery on the network's second largest cryptocurrency.

To general surprise, Ethereum has recently recorded a sharp increase in the number of daily active cryptographic addresses. It surpassed the previous record by as much as 48%. The blockchain-based data analytics firm Santiment, known in the virtual currency industry, has announced that it intends to investigate the cause of this sudden recovery. Current movements may indicate, inter alia, to the increased level of activity on the part of programmers, platforms and traders performing transfers. Meanwhile, Ether (ETH) climbed to the region of $ 1.7 thousand, recording over 5% increase in value in the 24-hour range.

Ethereum (ETH) blockchain with a record number of new addresses

The project, led by the Russian-Canadian programmer Vitalik Buterin, has experienced a revival in its network. The Santiment analytical platform recently announced that Ethereum broke its current record on July 26 this year, if we take into account the number of daily active addresses.

According to experts' reports, the new ATH exceeds the previous record by almost 48%. Specifically, it currently amounts to 1.06 million active addresses. The previous peak was 718,000. addresses, recorded in 2018.

For the purposes of definition, the daily active address is defined as one that has made any transaction within 24 hours. Such increased movements may indicate intense activity from developers, platforms, and investors alike.

The strategy manager of the American Coinbase exchange - Conor Grogan expressed the opinion that this phenomenon may result more from the large number of token transfers per unit of gas than from the increase in the adoption of the Ethereum network.

In a Twitter thread, the manager attributed this spike in activity to maintenance reviews that cryptocurrency platforms can perform - by sending and receiving coins. Thus, he pushed to the margin of more productive activity related to, for example, decentralized finance (DeFi) and non-exchangeable tokens (NFTs).

Market valuation of ETH is heading towards $ 2,000

The second largest cryptocurrency is making up for the losses it suffered as a result of the market downturn. From this year's lows, which, according to averaged data from the CoinMarketCap platform, amounted to around $ 896 per coin, its price has increased by nearly 90% to the current levels of $ 1.7 thousand.

Currently, Ether is over 5% positive in the daily range. Over the last 7 days, its value has increased by almost 9%.

While the short-term gains seem spectacular, it is as much as 65% away from its ETH peak. The record on his chart was over 4.8 thousand dollars per coin.