Ethereum Network Growth Spikes Again in Bullish Sign for Price

The Ethereum network sees a significant growth spike over the weekend.

Robot looking at something strange happening to ETH.
Created by Kornelija Poderskytė from DailyCoin
  • The Ethereum network has seen a significant growth spike over the weekend.
  • The network growth offers greater confidence in the asset’s price prospects.
  • Ethereum experienced a similar trend at the end of April 2024.

Ethereum continues to show strong fundamentals.


Recently, crypto assets, including ETH, have bounced around without clear direction. Amid the doldrums, however, the Ethereum network is showing signs of strength with recent significant spikes in network growth, first at the end of April 2024 and now over the weekend, as crypto asset prices rebounded from a week-long downturn.

Ethereum Sees Largest Single-Day Wallet Growth in Two Years

On Monday, May 6, crypto analytical platform Santiment Feed disclosed that nearly 200,000 new Ethereum addresses were created on May 4, the most significant single-day growth in almost two years since October 8, 2022. 

The spike in network growth came as crypto assets, including ETH, rallied over the weekend, buoyed by a weak U.S. jobs report that hinted that interest rate cuts from the Federal Reserve may not be a far-flung dream after all.

As highlighted by Santiment, the recent network growth is a bullish sign for ETH. It indicates significant investor interest and potential for increased capital inflows should macroeconomic conditions align.

According to CoinGecko data, ETH is trading at $3,035 at the time of writing, representing a 1.6% decline in the past 24 hours.


Read this for more on ETH:
Ethereum Turns Inflationary as Fees Remain at Record Lows

Learn about Polygon Miden:
What Polygon Miden Brings to the Table as Testnet Goes Live

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.