Goldman Sachs: Ethereum Fundamentals Strong, January Average Daily New Address Count Far Exceeds ‘DeFi Summer’
BlockBeats News, February 2nd, after experiencing a drop earlier on Monday, other cryptocurrencies such as Bitcoin, Ethereum, and Solana saw a mild rebound. Interestingly, Goldman Sachs pointed out that despite the weak price performance, on-chain activity painted a different picture, especially for the Ethereum and Solana networks:
· Ethereum's daily average active addresses, new addresses, and number of transactions increased by +27.5%, +26.8%, and +36.0% month over month, respectively.· Solana's daily average active addresses and number of transactions increased by +24.3% and +8.2%, respectively.
Ethereum reached a new all-time high in daily new addresses. In January, an average of 427,000 new addresses were added daily—compared to an average of 162,000 new addresses per day during the 2020 "DeFi Summer." Currently, Ethereum has 1.2 million daily active addresses—based on a 7-day moving average, this is another all-time high.
Goldman Sachs also specifically noted that Ethereum's current market value is now below its realized value (calculated as the total value based on the price at which each token last moved on-chain, representing the total cost basis), meaning that most ETH holders are currently at a loss.
Timothy Misir, Research Director at the digital asset analysis firm BRN, stated: "For cryptocurrency, the stability of ETF fund flows is a key signal that needs to be monitored. Without this support, a rebound is likely to be unsustainable." (zerohedge)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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