Leading digital currency Ethereum (ETH) recently saw an increase of more than $20 billion in overall market value. Over the last seven days, the influx of capital has firmly placed the prominent digital currency back in the green. As of press time, the market cap of ETH was $332.17 billion, and the token is changing hands a little over $2,800. This represents an increase of 3.38% on the day, and 6.55% within the past week.
Crypto analyzer Santiment also noted that Ethereum’s utility remained unchanged even during the last general dip in broader crypto prices. In a Twitter post, the crypto analytics firm took ETH’s number of daily active addresses as a use case, asserting:
“# Ethereum’s utility has remained steady these past 4 months, despite prices being cut by -35% over this time. With the amount of unique addresses interacting on the $ETH network staying flat, there is a #bullish divergence between DAA and price.”
In addition, the discrepancy between the DAA (Daily Active Addresses) and the price has produced a bullish divergence for the Ethereum protocol.
Ethereum’s main rival Bitcoin (BTC), is also enjoying a recent price upswing. On Wednesday, the largest crypto by market cap surged above the $40K threshold and is currently still trading close to that limit. BTC’s latest price development represents an increase of 0.52% in the last 24 hours and 3.89% in the previous week.
Image Credits: Pixabay
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