Ethereum (ETH), the second-largest cryptocurrency has hit an all-time record in daily active addresses according to crypto analytics firm IntotheBlock.
Over 1.1 million addresses carried out ETH transactions in the last 24 hours Which is 48% more than the record set earlier. The reason behind the sudden increase in transactions is still unknown. As reported by CoinMetrics research scientist Kyle Waters, the massive rise was attributable to sending addresses.
The number of addresses for receiving was essentially the same. Additionally, the number of tiny Ethereum transfers of between $100 and $1,000 grew dramatically. Binance received approximately 621,691 inbound Ethereum transfers. Based on Conor Grogan, head of the strategy at American cryptocurrency exchange Coinbase the recent increase could be due to Binance performing a maintenance clean-up instead of a growing rate of acceptance.
In the past, the value of the cryptocurrency increased by over 15% following it was announced that the U.S. Federal Reserve raised the interest rate benchmark to 75 basis points. ETH is experiencing a rebound near the time of the Merge event that will signal its complete transition to a power-efficient Proof of Stake consensus mechanism. The community is expected to complete this switch from POW to POS in the next couple of months.
Kevin has a huge interest in the Crypto world, he is a firm believer in blockchain technology. Kevin is working as Journalist with Coinfea.