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The impressive rise in the valuation of Ethereum's native cryptocurrency, Ether (ETH), is not the only positive development for the platform in recent months. According to the latest data, the total number of Ethereum wallets has increased significantly. That number has reached an all-time high.
Ethereum currently has 118,230 wallets
Ether, the second most important cryptocurrency in terms of market capitalization, has made a remarkable comeback. The asset has surpassed the $3,600 mark after a period of turmoil at the beginning of the month, which featured a 25% price decline from March 11th to March 19th.
Parallel to this resurgence, the Ethereum network passed several important milestones: Increase in total number of Ethereum addresses. These wallets reached a record number of 118,230. This increase shows the enthusiasm of crypto investors.
This development comes as cryptocurrencies have shed their feathers in the past few hours. However, the possibility of a rebound in cryptocurrency momentum is not ruled out. At least that's what the MVRV index says.
This index establishes the ratio between market value and realized value. Looking at the trend, the MVRV index has been in negative territory for 30 days. Data points suggesting Ether is undervalued while hinting at potential upside for the cryptocurrency.
If past trends continue, Ether will trend upwards.
Note that there is a historical correlation between the increase in the number of addresses holding Ether and the MVRV index. Analysts say this relationship suggests that the cryptocurrency's price could explode.
A chart shared by crypto data provider Santiment specifically explains Ether’s price trajectory. This includes details of the total number of holders and his 30-day MVRV ratio.
This correlation suggests that as the number of addresses holding Ethereum increases, the MVRV ratio decreases. However, assuming the historical model holds, the price of Ether is likely to rise in this case.
Ether is currently trading around $3,590 after its valuation declined by 0.01% in the past 24 hours. This is a trend that is out of step with the dynamic cryptocurrency activity within the Ethereum ecosystem.
Please note that the number “118 230 wallet” follows the English number format and is translated in English as “118,230 wallet”. If your cryptocurrency requires specific terminology or a more contextual translation, be sure to adjust accordingly.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
