Ethereum continues to break all-time highs as new addresses are once again in an uptick. One study finds that ETH generated more views on YouTube than BTC, and a billionaire investor states that ETH is the superior store of value in the cryptocurrency space.
Let’s examine some notable Ethereum (ETH) updates/news from last week.
On-Chain Update – ETH: New dApps per Month
Image Source: State of the DApps
According to State of the DApps, there are 2,778 total dApps built on the Ethereum blockchain as of last month (the data is updated at the end of every month). The site also states there are 82.66k daily active users on the Ethereum blockchain along with 218.27k transactions.
The next closest competitor to Ethereum (in terms of dApps being built) is EOS. The site states there are 328 total dApps built on the EOS blockchain along with 28.41k daily active users and 409.76k transactions.
Image Source: State of the DApps
These numbers come as no surprise as Ethereum is currently the dominant blockchain in the DeFi space. Ethereum has stood the test of time, continuing to thrive in this space. When looking at the ETH chart above, it does seem that Ethereum has almost plateaued (in terms of dApps being built on the Ethereum blockchain). But, it could be ready for its next leg up when ETH 2.0 is finally rolled out. We will have to see how Ethereum progresses in this ever-changing space.
On-Chain Update – ETH: Number of New Addresses (30 Day Moving Average)
Image Source: Glassnode
As we can see from the chart above, there are currently 149k new addresses on the Ethereum network. Briefly, new addresses are just the number of unique addresses that appeared for the first time in a transaction of the native coin in the network – in this case, Ethereum. Ever since October 7th (where there was a sharp drop in new addresses), the number of new addresses for Ethereum has been increasing at a rapid pace, coinciding with a constant increase in the price of ETH.
As long as we don’t see a huge drop in the number of new addresses as we saw at the end of January 2018 (when ETH had its last “market cycle top”), the sentiment for the price of ETH is bullish. There will be some little corrections along the way, but that’s to be expected.
ETH Captured More YouTube Views Than Bitcoin in the Last Twelve Months
According to a recent study from Total Processing (a merchant services company), ETH had more YouTube views in the last twelve months than any other cryptocurrency (including BTC).
Below are the top five cryptocurrencies viewed on YouTube, according to Total Processing:
- Ethereum (ETH): 231,024,385 views
- Bitcoin (BTC): 199,971,202 views
- Chainlink (LINK): 45,728,324 views
- Cardano (ADA): 43,094,304 views
- Ripple (XRP): 38,599,670 views
This data is very interesting because it reveals that Ethereum is generating a lot of buzz behind the scenes, most likely from retail investors – as they are the ones watching YouTube videos to get an understanding of the cryptocurrency market. Although BTC has had a couple of explosive moves since the start of the year, ETH’s increase in price has been consistent and has historically outperformed BTC every bull market cycle.
Mark Cuban Thinks ETH Is a Better Store of Value Than Bitcoin
In an Unchained podcast last week, Mark Cuban – billionaire investor, “shark” (on Shark Tank), and Dallas Mavericks owner – stated that he believes ETH is a better store of value (SoV). Cuban sees Bitcoin as only a SoV “digital gold” with no other real use cases. On the other hand, he says ETH is a better SoV choice for a few main reasons:
- More utility and use cases.
- Transition to PoS – more transactions per second.
- He thinks the applications leveraging smart contracts and extensions will dwarf Bitcoin.
One important note Cuban left out was that ETH may become deflationary (more ETH burned per year than created) with the implementation of EIP-1559.
ETH Hits New All-Time High Once Again
On April 10, ETH broke through its previous all-time high of $2,140 set on April 2, reaching as high as $2,198. At the time of this writing, ETH is trading around $2,140 (the April 2 ATH) with a 24-hour trading volume of $25.89 billion. This may be a trend for the rest of this month as April has historically been a bullish month for the price of ETH.
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