Data from the Artemis Terminal reveals that Ethereum (ETH), the second-largest blockchain network by market capitalization, has surpassed Bitcoin (BTC) in terms of daily active addresses.

According to the latest statistics, Ethereum boasts 1.03 million daily active addresses, while Bitcoin stands at 743,800.

Santiment’s Insights into Ethereum’s On-Chain Activity

According to a report by market intelligence platform Santiment, Ethereum’s on-chain activity analysis reveals a surge in daily active addresses for Ether.

On Sept. 13, the number of daily active addresses reached approximately 1,089,893. Notably, this surge represents the second-highest daily active address count in Ethereum’s history, with the highest count recorded on Dec. 9, 2022, coinciding with Ether’s retest of its post-2021 bear market losses.

Data from Artemis Terminal also indicates that Ethereum now has more daily active addresses than Bitcoin, boasting 1.03 million daily active addresses, while the latter has 743,800.

Data from Etherscan reveals that the number of daily transactions on the Ethereum network has recorded a new all-time high, with Sept. 13 seeing 1,627,860 transactions, reflecting a growing interest and optimism. The previous peak was recorded on Sept. 17, 2020, reaching about 1,406,000.

Analysts at Santiment suggest that this increase in on-chain activity could pave the way for enhanced market volatility and potentially a recovery in the Ether market. Despite Ethereum’s recent market instability, which pushed its price below the $1,700 threshold, the cryptocurrency remains an important player in the decentralized finance (DeFi) eco and the smart contract space, boasting approximately $20 billion in total value locked.

Ethereum Price Analysis

While Ethereum maintains its status as a major altcoin with unique fundamentals, it remains significantly influenced by Bitcoin’s price movements. Historically, September, particularly before Bitcoin halving events, has been identified as a bearish month for the cryptocurrency market.

As a result, Ethereum’s price is expected to continue its descent in the upcoming weeks, possibly approaching the next support level of around $1.5k. Additionally, the digital asset faces substantial selling pressure due to the occurrence of weekly and daily death crosses between the 50 and 200 Moving Averages (MA).