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Ethereum reaches a 6-week high as addresses in profitability surge

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Nonhlanhla P Dube

As additional momentum enters the network, Ethereum (ETH) reaches highs of R29.189, a scenario last seen on June 10.
According to Santiment, a market analysis provider:

“Ethereum had a big day on Thursday, breaking through R29K for the first time since June 10th.” This spike came just two days after ETH hinted at a big move after reaching an AllTimeHigh in address activity, surpassing 1 million for the first time in history. “
Despite a retracement to R28K during intraday trade, the second-largest cryptocurrency continues to see an increase in address activity.

For example, the number of non-zero addresses has been increasing. Glassnode, a cryptocurrency analytics startup, explained:

“The overall number of non-zero ETH addresses has just surpassed 84,626,207.”
This means that more people are joining the Ethereum network, since daily active addresses just reached historic highs, according to Blockchain. News.

On the other hand, the bullish momentum that ETH is experiencing has resulted in profit rises that have reached a monthly high. Glassnode observed:

“The number of Ethereum addresses in profit (7d MA) just reached a 1-month high of 47,590,069.435. A previous 1-month high of 47,585,913.821 was observed on July 25, 2022.  
An increase in address activity, combined with recent merging news, appears to have sparked the current rising trend in the Ethereum ecosystem. The most likely date for the merge was stated during a recent developers’ conference as September 19.

The merger is anticipated to convert the Ethereum network from its current proof-of-work (PoW) architecture to a proof-of-stake (PoS) consensus mechanism, which has proven elusive for several years.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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