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Home Markets Cryptos

Warning signs: Ethereum daily active wallets hit a 67-day low

Olumide Adesina by Olumide Adesina
August 13, 2020
in Cryptos
Ethereum,Ethereum Whales Cumulative Holdings Touch 10 Months High, ETH Passes $220, Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time
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Ethereum daily active wallets have been dropping at a steady pace, lately. Data obtained from Santiment Research Company showed that Ethereum daily active wallets hit a 67-day low today, closing out at 351.3k addresses transacting on the network.

According to Santiment, the last time DAA was this low was June 7th. Though the long-term fundamentals for the second most valuable crypto asset are great, these warning signals are worthy of note.

READ MORE: Safest, regulated Cryptocurrency, Arcoin backed by U.S. Treasury securities

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$ETH daily active addresses hit a 67-day low today, closing out at 351.3k addresses transacting on the network. The last time DAA was this low was June 7th. The long-term fundamentals for the #2 market cap token are great, but note these warning signals. https://t.co/QTAAWkwq3T pic.twitter.com/2saQbNK5I6

— Santiment (@santimentfeed) August 13, 2020

READ MORE: PAX Gold: Crypto backed by gold but outperforms gold

Why this matters: Nairametrics’ recent study on the second most valuable crypto market, showed that in 2020, when the number of active ETH wallets increased by 1%, its price climbed up, on average, by 0.18% the same day.

Breaking the $400 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March following the market carnage that occurred as a result of the ravaging COVID-19 virus.

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It should, therefore, be noted that Ethereum 2.0 is imminent. This will see the crypto asset switching from the current proof-of-work model to proof-of-stake. It will also optimize sharding techniques which will help hasten up transactions on the blockchain.

However, Ethereum holders have been euphoric for good reason, considering the massive price surge since Black Thursday five months ago.

Ethereum is at +2.78 deviations above its neutral resting position when it comes to weighted social sentiment, which is easily an all-time high.

READ ALSO: Twitter Poll: Bitcoin price expected to reach $100,000 by 2021

Ethereum is a decentralized system, fully independent, and not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing systems around the world, which means it’s almost impossible for Ethereum to go offline.


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Tags: Covid-19crypto assetCrypto MarketETH stakingETH walletEthereumEthereum 2.0Ethereum faucetsSantiment Research Company
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Okechukwu Godwin Luther says:
    August 13, 2020 at 2:46 pm

    Pls let me know if you help people trade and invest their money.

    Reply

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