While other cryptocurrencies are having trouble keeping up, the price of ethereum has managed to increase by almost 24% over the last 30 days.
Following the eagerly anticipated merger, investors were unimpressed by Ethereum (ETH), the second-largest cryptocurrency price change in the world. However, ETH has managed to record a price rise among the leading cryptocurrencies despite the increasing market uncertainties.
Ethereum beats Bitcoin
Santiment claims that in October, Ethereum's price dominance over Bitcoin and other prominent digital assets increased. While other cryptocurrencies have trouble keeping up, the price of Ethereum has managed to increase by over 24% over the last 30 days. During that time, the price of bitcoin increased by 7%.
An increase in newly minted ETH addresses following a merge is followed by a significant increase in Ethereum price. On September 15, there were around 619k active addresses on the Ethereum network. Network growth at that time was estimated to be 64765.
Other popular cryptocurrencies, including XRP, ADA, and Solana, have had a price decline of about 5% over the past 30 days.
At the time of publication, the average price of Ethereum is $1,603. In the past day, the price of ETH has increased by 2.3%. Its $20.1 billion 24-hour trading volume is up 2% from the previous day.
Can ETH keep this Rally going?
On October 30, nevertheless, its network expansion surged to reach the 65637 level after a modest decline. While the number of active wallet addresses on the ETH network exceeds 408K. Santiment says that if the coin seeks a strong, sustained climb, address activity will probably need to increase from here.
However, according to the crypto analytics company, Bitcoin exchange supply has fallen to a four-month low of 8.41%. 0.1 to 10 Bitcoins were stored at tiny to medium sized BTC addresses, which held nearly 16% of the total amount of tokens. It has been determined to be at the ATH level.
However, over the past 24 hours, Bitcoin values have increased by 2%. At the time of writing, the average price of BTC is $20,660.
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