The price of the leading altcoin, Ethereum [ETH], traded above $1,770 during the intraday trading session on 28 July. The last time that the altcoin reached this price was on 10 June.
Moreover, according to data from SanimentWith the recent price surge, the coin’s trading volume hit a six-week high.
Two days ago, Ethereum witnessed significant growth in the number of unique addresses that traded the king alt as the daily active addresses hit an all-time high (ATH).
According to data from Intheblockover 1.1 million addresses made an ETH transaction two days ago, for a total of 1.64 million transactions recorded that day.
What else did we spot about the alt’s performance in the last 24 hours?
Price-performance analysis
Trading at $1,724.91 at press time, data from CoinMarketCap revealed a 5.79% growth in the price of the altcoin over the past 24 hours.
The altcoin’s trading volume also witnessed a 7.93% uptick within the same time and its trading volume stood at 26.74 billion at press time. The alt’s trading volume has risen rapidly by 41% in the last seven days.
After the July 28 price surge, ETH’s market cap reclaimed the $205 billion spot. As of press time, alt’s market capitalization is $211.34 billion. At $133.35 billion just a month ago, ETH has seen a 58% growth in market capitalization over the past 30 days.
On the four-hour chart, the ETH coin was severely overbought. The token’s Money Flow Index (MFI) was spotted in an uptrend at 90.40. Similarly, its Relative Strength Index (RSI) maintained a position at 70.08 index.
With key indicators trading at these levels, caution is warranted as a bearish retracement usually follows such highs.
Declining network activity
In the last 24 hours, 501.89k unique addresses have transacted the ETH coin. This represents over a 90% decline in daily active addresses since the high of 26 July.
The index of new addresses created daily on the ETH network has steadily increased over the past seven days. With 74,000 new addresses created in the past 24 hours, alt has seen 4% growth in new addresses created daily on its network.
However, on a 24-hour window, this has declined by over 25%.
Additionally, after rising 36% in the past four days, the coin’s trading volume has dropped over the past 24 hours. 468,000 at press time, trading volume has fallen by more than 500%.
Valued in USD, this represented a drop from $6.09 billion to $1.09 billion.
