Despite the utter collapse in the market, the underlying network has seen dramatic growth. Data now shows that the number of Ethereum accounts has surpassed a key milestone: 100 million.
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Ethereum Bags Key Milestone as Usage Increases
According to Mythos Capital’s Ryan Sean Adams, the number of Ethereum addresses/accounts hit 100 million last week, just five years after the network was launched. Notably, the existence of 100 million addresses does not mean that 100 million people have used that cryptocurrency.
This milestone shows that adoption is taking place, even though it may be slower than some expected.
“World powers will be forced to adapt. This is the next wave of the internet. 100m bankless bank accounts,” Adams wrote with excitement on the matter.
100 Million Bank Accounts.
Ethereum doing to value what the internet did for communication.
Not likes & links but value & volume.
Not .gifs & .jpgs but erc20s & erc721s.
Not the internet of communication the internet of value.
— Ryan Sean Adams – rsa.eth (@RyanSAdams) June 8, 2020
Adams’ observation comes shortly after Spencer Noon, the head of crypto-native investment fund DTC Capital, identified 10 on-chain trends suggesting Ethereum is on bull market footing. Some of those are as follows:
The number of daily active ETH addresses recently reached a two-year high — the highest value since the 2018 bull market.
Ethereum miners are now collecting a vast amount of fees.
Ethereum-based finance applications are starting to absorb vast amounts of value.
Ethereum’s achievement of the 100 million account milestone comes on the back of a number of undercurrents pushing the usage of the network higher, such as growth in decentralized finance and in stablecoins.
Technical Trends Also Bullish
The technical trends of Ethereum are also bullish.
As reported by NewsBTC, Brave New Coin’s Josh Olszewicz shared the chart seen below just this weekend. It shows that Ethereum has entered into a key Ichimoku Cloud resistance for the first time ever.
Referencing how the asset is likely to rally to the other end of the resistance in a so-called “end-to-end move,” Olszewicz opined:
“One-week Ethereum chart. End to end to $750 triggers within the next few months probably.”
Chart of Ethereum’s macro price action from Brave New Coin analyst Josh Olszewicz.
According to Olszewicz, who is a specialist at Ichimoku Cloud analysis, the way in which the cloud is formed is likely to act as a “price magnet” pulling it to $750. Such a move would mean that Ethereum has retraced 50% of the “established range” while also satisfying “Dow Theory.”
Similarly bullish, Dan Tapiero — the CEO of DTAP Capital — shared on June 3rd that Ethereum is “on [the verge] of explosive upmove.” He noted how the cryptocurrency is about to break out of a downtrend that constrained price action over the past year, from the 2019 highs to the 2020 highs.
Related Reading: Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish
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Price tags: ethusd, ethbtc
Ethereum Network Hits Massive Milestone as Analyst Eyes 200% Rally