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As the cryptocurrency market continues to worry investors, Ethereum is achieving significant results. According to the latest data from Etherescan.io, Ethereum has exceeded 50 million unique addresses.
While the value of Ethereum's native ether token is at historic lows, the platform continues to grow. On average, the network sees at least 70,000 new addresses registered on a daily basis, which is a fairly large number. Even so, while Ethereum is one of the fastest growing blockchain platforms, the network is still facing multiple challenges. For example, while the platform sees dozens of new unique addresses every day, the number of active addresses has declined substantially.
The Block found that the number of active Ethereum addresses dropped by as much as 68% from the January 16 peak this year.
Furthermore, the number of daily transactions decreased significantly. It fell from the historical high of over 1.3 million a day in January to 0.5 million a day in December 2018.
One of the reasons for this is that the decline in the value of Ether has pushed people away from the platform. Therefore, people no longer use the platform as frequently as in the past. Another factor that led to this could be the decline in popularity of decentralized applications (dApps). The use of the Ethereum blockchain dApp has dropped dramatically by more than 55% as a percentage from the start of this year. The data shows that the network is not maintaining its user base and is also the reason why the price of the token has dropped dramatically since last month.
In December, Ether's price exceeded the support level of $ 100 to fall to around $ 99. At the time of printing, according to CoinMarketCap data, the third largest cryptocurrency for market capitalization is trading at $ 90 and has a market capitalization of 9 billion.
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