According to analytics platform Glassnode, Ethereum network activity has shown a piercing escalate in modern users, and “maintenance” has almost doubled over the past month.
“Keeping active” month over month shows a surge in the modern cohort, “indicating a sharp increase in the number of addresses interacting for the first time in the last 30 days,” Glassnode reported on Thursday.
He added that this reflects a significant influx of modern wallets working with the Ethereum network, “rather than activity conducted solely by existing participants.”
The number of retained modern activities, or modern network addresses, increased this month from just over 4 million to approximately 8 million addresses.
Maintenance measures how many users remain lively over time, which essentially shows whether users stay on the network and continue to utilize the network rather than appearing once and then disappearing.
Daily transactions on Ethereum have reached an all-time high
Over the past year, the number of lively addresses on the Ethereum network has more than doubled from around 410,000 accounts registered this time last year to over 1 million as of January 15, According to to Etherscan.
Meanwhile, the number of daily transactions on Ethereum rose to an all-time high of 2.8 million on Thursday, up 125% from the same period last year.
Related: Efforts to bulletproof Ethereum are paying off in user metrics
Milk Road Macroeconomics Outpost reported on Thursday that it was due to an explosion in stablecoin utilize on Ethereum as fees dropped.
“This is the result of Ethereum shifting transaction execution to the L2 layers, while ensuring the security of settlements at the L1 level. This is what a scalable financial infrastructure looks like,” he said.
“A lot of reasons for optimism” for Ethereum
Confidence and sentiment around Ethereum is improving. “Looking at Ethereum, there is a lot of reason for optimism,” Justin d’Anethan, head of research at Arctic Digital, told Cointelegraph.
“In the near term, indicators that were pushed into oversold territory have reemerged and appear to point to significantly higher prices, driven by renewed capital flows into ETFs, stablecoins and native crypto protocols,” he added.
Ethereum network activity surged as the number of daily transactions exceeded 2 million and the stake reached almost 36 million ETH, noted Nick Ruck, director of LVRG Research.
“These strong on-chain fundamentals, combined with sustained ETF inflows and growing ecosystem optimism, position ETH for a potential breakout above current resistance levels in the near future as liquidity tightens amid increased institutional participation due to recent scaling improvements, increasing speed and lowering gas fees,” he added.
All this increased network activity and sentiment should be bullish for the blockchain token. “There is a lot of compression on ETH that is likely to break out in the coming week.” he said MN fund founder Michaël van de Poppe on Thursday.
Ether (ETH) prices hit a two-month high of $3,400 on Wednesday, but dropped slightly on Friday morning and settled around $3,300 in early trading on Friday morning.
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