April 14, 2021 is a historic day for the crypto community. In addition to an IPO of Coinbase worth over 100 billion US dollars, it is expected that the hard fork of the Berlin ETH will be put into operation. Ergo, it’s not surprising that Altcoins are rebounding in the top 25 along with Bitcoin’s run to make its latest ATH in the charts.
A top metric that underscores how the current altcoin rally is responding to these two events is increased activity in the chain. For Ethereum, the top metric is the number of non-zero addresses, with the same surge to a new ATH of 57 million recently, based on data from Glassnode.
ETH Number of addresses not equal to zero || Source: Twitter
Based on the attached chart, the number of non-zero addresses on the Ethereum network has steadily increased with price and trading volume. In addition to the number of non-zero addresses, the main activities and metrics on the ETH network have increased, just like the Bitcoin network.
Increasing network activity at ETH || Source: Twitter
As can be seen from the attached chart, despite a 63% correlation between ETH and BTC, on-chain activity has grown exponentially for both assets. The optimistic mood among traders on the top spot exchanges is also evident on the options market. The inclinations of the ETH option were extremely bullish, although the inclination was very little variable.
In addition, the implied volatility also rises steadily for ETH. What these metrics highlight are a) strong demand for Ethereum options and b) large ETH call rewards that have been blocked in anticipation of the price rebound after the hard fork.
ETH options || Source: Twitter
And it’s not just Ethereum. In addition to ETH, top altcoins such as ADA, XLM, LTC and EOS are collecting in response to these updates and the Ethereum price rally.
EOS ‘trading volume increased by almost 50% within 24 hours, while the price increased by over 16%. One of the key EOS price drivers was the fact that Coinbase Pro is one of EOS ‘key markets.
Similar updates to the metric in the chain were seen for Cardano. After two price rallies last month, Cardano’s price was at a level at press time where 100% of its HODLers are profitable. Similarly, XLM was expected to see a surge in trading volume since Bitcoin’s price rally took off. In fact, the trading volume rose over 40%, with the price rebounding with Ethereum. However, it is likely that the price rally, driven by today’s events and the run of Bitcoin to the next ATH, will make the rally less than sustainable.
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