Ethereum Wallets Experience Astonishing Activity Surge

A million transactions in a day sparks hope for a bullish run amid market turbulence.

Ethereum wallet shaking and wibrating with activity in a sphere of light.
Created by Gabor Kovacs from DailyCoin
  • Ethereum has recorded a second-all-time high in transactions.
  • Experts predict a bullish phase for the network.
  • The price of Ether has experienced a slight increase.

Recent months have witnessed a highly bearish run for digital assets, including Ethereum (ETH).

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Amid its ongoing recovery from the rather turbulent phase, the Ethereum network may be experiencing the precursor to a bullish price reversal after recording over one million transactions in a single day.

Unprecedented Network Activity

The network witnessed an extraordinary surge in activity on September 13th, marking the second-highest level in its eight-year history. 

According to the market intelligence platform Santiment, 1,089,893 unique wallets participated in Ethereum (ETH) network transactions as senders or recipients. This figure indicates a 150-200% increase from the network’s typical previous record of 300,000 to 450,000 wallets. Of the transactions, 640,000 Ether (ETH) were recorded as withdrawals from centralized exchange users.

Despite the recent spike in activity, the overall net activity on the Ethereum (ETH) network remains relatively subdued, decelerating the Ethereum Improvement Proposal (EIP) 1559-enabled token-burn process.

Ethereum (ETH) is trading at $1,619 on major spot platforms, reflecting a 1.3% increase over the last 24 hours. 

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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.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.