While Bitcoin moves through strong resistance at $55,000 like a knife through butter, Ethereum is consolidating in the $3,500-$3,600 zone for five days in a row. But while the price action on the second-biggest cryptocurrency stagnates, Santiment on-chain data shows significant growth on the network, which can be tied to the increasing popularity of both the DeFi and NFT industries once again.
The provided on-chain data shows a massive spike on the network growth chart with 155,230 new addresses registered on the network. This is the highest number of addresses created in one day since May 18. The large increase in the number of users is considered a strong bullish sign since more active users present on the network equals more transactions and fees spent.
