According to CryptoPotato, Ethereum's price has reached a 19-month high of $2,400, amid anticipation of a spot ETH ETF approval in the United States. Despite the price surge, the second-largest blockchain network has not seen an increase in its user count, raising questions about whether the price will continue to climb if this changes.
The crypto market has recovered from the 2022 crash and bear cycle, with the prices of numerous assets, including Ethereum, reaching their highest levels in almost two years. The total crypto market cap has risen by over half a trillion dollars in the past few months. Ethereum is a popular asset for users interested in DeFi, NFTs, or other niches that employ the blockchain. However, data from IntoTheBlock shows that there has not been a significant influx of new users to the Ethereum network recently, with both the number of new addresses and the new adoption rate showing no significant spikes.
This lack of new users is particularly interesting and unexpected in the current market environment. Retail investors typically follow the hype, which has returned to the markets, especially for Bitcoin and Ethereum. The growing number of entities filing to launch spot BTC and ETH ETFs in the United States has contributed to this hype. The number of Bitcoin addresses and active users continues to climb, with non-zero balance wallets recently surpassing the 50 million mark. However, this does not seem to be the case with Ethereum. This could change quickly, especially if the US Securities and Exchange Commission approves a spot Ethereum ETF soon. If that happens, Ethereum's price could skyrocket even further with the growing number of users and investors.
