Ethereum appears to be sustaining its 2021 gains by continuing to generate a significant number of new unique addresses on the network.
According to data compiled by the cryptocurrency trading simulator Crypto Parrot, 149,843 new unique Ethereum addresses have been created on a daily basis in 2021.
During the cryptocurrency market bull run, the most addresses were recorded on June 5th, at 332,094.
Furthermore, 1,389,999 new unique addresses were created in the first two weeks of September.
In total, 169,296,775 new unique addresses have been created since the inception of the Ethereum network. Notably, the network’s 2021 momentum is highlighted by the fact that, as of September 2021, 38,256,193 new Ethereum addresses had been created in 2021, accounting for 22.59 percent of all ETH addresses to date.
The Ethereum network is gaining popularity.
In the midst of Ethereum’s surging value in 2021, the platform has seen an influx of retail investors, with the asset increasingly earning use cases in the DeFi and NFT sectors.
The use case has put Ethereum in a good position, with more users aiming to get a piece of the asset with an eye on future price gains.
Furthermore, the number of unique Ethereum addresses is supplemented by a large number of daily active addresses, a metric that positions Ethereum as a formidable replacement for Bitcoin.
At one point in July, Ethereum’s daily active addresses surpassed Bitcoin’s, highlighting the demand for the second-ranked cryptocurrency.
It is worth noting that the number of new Ethereum addresses has also decreased, correlating with the overall cryptocurrency market correction. Aside from the crypto market correction, the figure was most likely influenced by ongoing network upgrades.
The Effects of Network Upgrades
Ethereum implemented the London upgrade, which introduced the deflationary system, in August. The Ethereum network upgrade is expected to cause deflation in the future because it changes the auction process.
Simultaneously, as Ethereum moves toward the proof-of-stake protocol, the network will almost certainly see an influx of new users looking to cash in on the staking. Notably, the staking industry is expected to be a big hit in the crypto world, and Ethereum is already well-positioned to benefit from it.