The Ethereum network has broken another important milestone, with around 69 million addresses. The milestone was attained during Ethereum’s recent short-term recovery bounce.

While Ethereum is presently selling at a significant discount to its prior all-time high, transactional traffic on the network is still at levels seen in September and October last year.

Source: IntoTheBlock Twitter

The “second breath” of the NFT business, which has unexpectedly begun booming again since the beginning of January, is most likely to blame for the rise in the number of addresses.

According to on-chain analytics, the Ethereum network’s growth has been quite steady and cumulative, with only a large increase in the summer.

The discrepancy between the two measurements may easily be seen by comparing two charts. Demand increase is frequently linked to network expansion, which should be followed by pricing action.

Ethereum’s market behavior is now deemed bearish since there have been no positive price changes on the market. Users, on the other hand, report one of the most significant charge rises in recent months.

Users are constantly engaging on the blockchain, as seen by the ETH burning rate; as a result, they are actively expending currencies that they must purchase at some time. However, because Ethereum constitutes a significant portion of the cryptocurrency market capitalization and investor mood, it had no choice but to follow the bulk of assets on the crypto market, which plunged by more than 20-30%.

As of today, the second-largest cryptocurrency on the market is trading at $3,267, down 2.3 percent for the day. Ether had already gained 5.3 percent in the previous six days.

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