Ethereum, the second-largest blockchain, has been noting an increase in developments and users since this year. A lot of exciting activities have happened within the ecosystem, including decentralized finance (DeFi), and other recent developments made towards the launch of Ethereum 2.0.
Today, information from Santiment indicated an increasing rate of adoption for Ethereum, as new addresses created in a single day spiked to the highest point last seen in the past 35 months.
New Ethereum Addresses Spiked to 35-month High
According to Santiment, about 177.5k new Ethereum addresses were created on December 12. Such a massive increase was last recorded on January 19, 2018, making a new 35-month high in a single day. Although there isn’t any clear reason that propelled the spike in new Ethereum addresses, Santiment did mention in the tweet that such development is a positive indicator for the network bulls.
“The amount of new Ethereum addresses hit a single-day, 35-month high Saturday. Our network growth metric picked up ETH reaching 177.5k addresses created. Notably, more addresses interacting on an asset’s network is a very promising indicator for bulls.”
Is the World’s First Ethereum ETF a Factor?
Interestingly, the single-day spike in new ETH address was recorded just a day after the world’s first-ever Ethereum exchange-traded fund (ETF) went live on the Toronto Stock Exchange (TSX) in Canada. Although there was a two-hour delay in the listing due to bureaucratic issues, the ETF saw a notable demand on the stock exchange, according to reports.
When the new addresses spiked on December 12, the cryptocurrency also performed better than the previous day. It saw as high as US$573 only to end that day at US$568. Today, however, the second-largest crypto is trading at US$584, with a 24hrs change of 0.07 percent on Coinmarketcap.
The founder of Aussie Nuggets News, Alex Saunders, is hopeful on ETH breakout, as he explained with a chart on Monday that “ETH will pull a BTC soon.”