At the time of writing, Ethereum seems to have received extensive attention from many aspects of the industry. Although the recently successfully unveiled Ethereum 2.0 beacon chain is an important highlight, the price of ETH seems to continue to establish itself in a higher range status.
Now, in terms of its price, Ether also shows that the aforementioned growth has occurred.
According to Santiment’s report, Ethereum addresses set a single-day peak because more than 177,000 addresses have been created in the past 24 hours . This is a very positive indicator that has not appeared since January 2018.
However, given the price trend of Ethereum, perhaps the growth of addresses is not a new development. Therefore, the question has evolved into whether the current “new” situation can tell more stories?
Is the correlation between network growth and price large enough?
In order to understand the above narrative, please observe the previous chart again. Internet growth has been common in the past, but it has never kept prices higher. As Ethereum is considered the “best” cryptocurrency after Bitcoin, the launch of Ethereum 2.0 may create a new identity for another leading cryptocurrency.
But is this really the case?
In 2020, the activities surrounding ETH 2.0 are indeed accelerating, but there is always a veil of uncertainty surrounding it. Procrastination didn’t help, but in the end the beacon chain was activated, and interest has skyrocketed. Currently, more than 2% of ETH in the new network is in circulation.
The intrinsic value of Ethereum may now be located elsewhere. After the implementation of ETH 2.0, ETH can be called a defensive asset, which is why it is important.
The value of a secure network
There is no doubt that Bitcoin will continue to be the most valuable cryptocurrency asset in terms of value. However, in the new model of Ethereum, ETH will be destroyed rather than remitted to the transaction verifier, so the deflation aspect may play a role in an unprecedented way.
Ethereum will help participants ensure transactions and settlements in a more secure way, and this will have its own value, and as the most defensive cryptocurrency in the world, it will have its privileges.
The value of defending the important blockchain network will still be obvious , which may be the future market of Ethereum.
Therefore, we may be at a more relevant intersection between the growth of the Ethereum network and the realization of price action. Of course, users are now paying attention to all technical terms, and this may no longer be limited to just making money.
The original text comes from ambcrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
