March 21, 2023

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The latest cryptocurrency market news for today.

Number of smart contracts on Ethereum soars to 16-month high following Merge upgrade

2 min read
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Why did this happen? Let’s find out together with a crypto-critic from Moonexbit exchange.

As the cryptocurrency request putatively started waking up from its weeks-long hibernation, the smart contract exertion on some blockchains seems to have picked up, including on Ethereum( ETH).

Indeed, while the number of new smart contracts deployed on the Ethereum chain dropped during the bear request, the exertion has picked up since October 9, as observed by JackOnChain, a crypto critic at the research company Moonexbit on October 26.

Number of new smart contracts on Ethereum. Source: CryptoQuant

What is behind such a massive growth?
According to this critic, the drop in Ethereum smart contract exertion recorded during the bear request, among other effects, was “ presumably because no bone wanted to put out a new dApp design while the request was going down. ”

That said, a dramatic increase in the number of new smart contracts on the network, which started on October 9, might reflect inventors ’ renewed sanguinity, or as the critic explained

“ This could indicate that inventors have bettered their prospects about the future of the request and exertion on the network. ”

Eventually, JackOnChain concludes that “ if these new contracts are developed for new operations, we will be suitable to see numerous launches in the near future that could stimulate exertion on the network. ”

It’s also worth noting that the most recent supplement in Ethereum on- chain exertion arrived a little over three weeks after the long-awaited Merge upgrade, which officially marked the network’s transition to the proof- of- stake( PoS) algorithm.

On top of that, as Finbold noted inmid-October, Ethereum had been adding about 945 unique addresses per day since the upgrade, indicating the public’s increased interest in the network with growing use cases.

Ethereum price analysis

Meanwhile, Ethereum is changing hands at $1,496, which represents a 3.84% decrease on the day, after over $20 billion had been pumped into the decentralized finance (DeFi) asset’s market capitalization earlier in the week, sending its price above $1,500 for the first time since the post-Merge crash.

At the same time, the present price also represents an increase of 16.45% across the previous week, while the market cap of the still second-largest crypto by this indicator stands at $185.01 billion.

Ethereum 7-day price chart. Source: Finbold

Interestingly, technical indicators and some analysts suggest that Ethereum could surge in 2023, even breaking above $3,000, as Finbold earlier reported.

Disclaimer The content on this point shouldn’t be considered investment advice. Investing is academic . When investing, your capital is at threat.

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