As the Bitcoin network indicated signs of a bullish rally in the market, the second-largest crypto, Ethereum, was not far behind in indicating signs of an upward trending market. The Etheruem network has been highlighting the strength of the ecosystem, not just with the coin’s position in the market, but along with its extended ecosystem.
As for the ETH coin, on-chain data suggested that the coin had over 500k active addresses for seven consecutive days. This has been looked upon as a sign of a strong market, due to its history. The last time this trend emerged was in January 2018, when ETH’s price soared to new all-time highs of over $1,400. Even though the current rise in the addresses was not driven by the ETH price peak, the network was making a lof of headway with decentralized finance and the growth of Ethereum-based stablecoins.
The ERC-20 token can be used as a proxy to measure activity on Ethereum, which could also suggest the usage trends of the overall network. The Ethereum-issued stablecoins like Tether [USDT_ETH], USD Coin [USDC], and Paxos [PAX] have witnessed tremendous increases in active addresses since March. Among the three stable coins, USDT_ETH was leading the way by a huge margin.
The USDT_ETH addresses peaked temporarily in June but came July the addresses started to decrease. This trend was visible in Paxos, but USDC addresses have been noting steady growth since March and now reaching all-time highs.
Similarly, three prominent DeFi related ERC-20 token 0x [ZRX], Maker [MKR], Kyber Network [KNC] have also been reacting to upcoming developments in the ecosystem. This was more prominent with KNC as it hit an all-time high entering July. According to data provider CoinMetrics, this peak was due to an anticipation of its Katalyst and KyberDAO updates that will be introducing new staking rewards.
At the same time, ZRX active addresses also noted growth in early July, similar to that observed in May. MKR addresses also declined since a peak in mid-June. However, the fall wasn’t brutal but has kept the level elevated.