- Ethereum blockchain added over 76 Million new addresses to date following the approval of the key filing of spot ETF on May 23, 2024.
- From January 2024 till February, ETH consolidated between $2,285 to $2,580.
- Bitcoin (BTC) is trading at $54,251, with a decline of 10.51% in the past 24 hours.
The evolution of blockchain technology has revolutionized the old-school finance system worldwide. There are several renowned blockchains, but the Ethereum (ETH) blockchain is the biggest in the cryptocurrency market.
Ether spot ETF key filing was approved by the United States SEC on May 23, 2024, which boosted Ethereum’s price.
According to data from Etherscan(dot)io, as per the approval date, the total number of addresses was 270,485,174, adding 98,899 fresh on the same day.
Till August 04, 2024, the total number of addresses on the Ethereum blockchain was 278,106,038. Since the filing approval, the chain added 76,208,64 new addresses. It was considered a Ponzi project in its early days, but its dedication to improving blockchain and crypto has made Ether stand out of the bogus category.
Ethereum (ETH) Price Movement Since 2024 Beginning
On the first day of 2024, Ethereum closed trading at $2,352, followed by mild bearishness. From the beginning of January 2024 till February, ETH consolidated in the range between $2,285 to $2,580.
Ethereum’s value tumbled 21.88% to $2,276, while its intraday trading volume skyrocketed by 105%. On its 9th birthday on August 01, 2024, ETH traded at $3,200; however, on the following day, it slipped below the mark of $3k.
Ethereum’s market capitalization has flourished significantly since the beginning of 2024; at press time, it was $281.67 Billion. In the 1st half of March this year, Ether’s market capitalization ballooned to $497 Billion; similarly, in May, it was over $460 Billion.
ETH/USDT and ETH/FDUSD are one of the most traded pairs of Ethereum. The lowest trading price of Ether was $0.4209 (on October 22, 2015). However, the highest traded value was $4,891.70, marked on November 16, 2023.
Market Overview
Over the past few hours, the market lost 12.33% of the entire market capitalization. In a weekly time frame, the market cap dips over 21%, reaching $1.852 Trillion.
Market observers claim that the decline was directed by active bear and the FOMO among investors over global uncertainties. Bitcoin (BTC) is trading at $54,251, dropping 10.51% in the past 24 hours.
Bittensor (TAO) recorded a high intraday decline of 25.94%, trading at $186.93. As of writing, Ethereum Name Service (ENS) is trading at $16.19, reflecting a 22.14% intraday decline.
The Fear and Greed Index of the crypto market is 46, reflecting neutrality, but some specific cryptocurrency tokens are steadily falling.
A memecoin project, Ponzio The Cat (PONZIO), is one of the most trending cryptocurrency projects as its price grew over 2,600% in the past 30 days. Keen observers detected major speculative activities in the trading volume, leading them to suspect a massive dump is imminent
Conclusion
Ethereum’s significant growth in new addresses post-ETF filing approval indicates a promising future for the cryptocurrency. Ethereum propels itself forward, solidifying its reputation and fueling its market capitalization to achieve continued success.
