As the cryptocurrency market continues to worry investors, Ethereum is enjoying a significant achievement. According to the latest data from Etherescan.io, Ethereum has surpassed 50 million unique addresses.
While the value of Ethereum’s native token Ether is at an all-time low, the platform continues to grow. On average, the network sees at least 70K new registered addresses on a daily basis, which is a quite high 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 daily, the number of active addresses have declined quite substantially.
The Block found out that the number of active Ethereum addresses has dropped by a whopping 68 percent from its peak on Jan. 16 this year.
Furthermore, the number of daily transactions has also declined significantly. It has fallen from its all-time high of over 1.3 million per day in January to 0.5 million per 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. Thus, people no longer use the platform as frequently as in the past. Another factor that has led to this could be the decline in the popularity of decentralized applications (dApps). The use of dApps on the Ethereum blockchain declined sharply by over 55% percent since early 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 dropped dramatically since last month.
On December, the price of Ether broke through the $100 support level to sink to a price of around $99. At press time, according to data from CoinMarketCap, the 3rd largest cryptocurrency by market capitalization is exchanging hands at $90 and has a market cap of 9 billion.
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