Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,432,019,585	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,432,019,585

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.860	0.88%	98.66	98.39	98.47

Price Change

Price Change %

Current Price

Bid Price

Offer

0.860

0.88%

98.66

98.39

98.47

High Price	Low Price	Open Price	Prev. Close	52 Week Range
99.49	97.60	97.88	97.80	83.10 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

99.49

97.60

97.88

97.80

83.10 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:30:16	5.90	98.51	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:30:16

5.90

98.51

USD

Price x Volume	Volume	Base Symbol	Related Pairs
677,236.93	6,869.75	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

677,236.93

6,869.75

Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High

28/10/2022 9:30pm

NEWSBTC

Ethereum rallied with the rest of the crypto market, reaching above $1,500 to land at a new one-month high. As the market rallied, developers had roused from their slumber looking to take advantage of the renewed interest in the market. This saw the number of new smart contracts deployed on the network reach new 2022 highs. Devs Bring The Heat Through 2022, the number of new smart contracts being deployed on the Ethereum network had been on the decline. This decline is understandable given that the market had entered another stretched-out crypto winter and investors were no longer willing to take as many risks as they did back in 2021. Developers had to shelve some of their projects as they waited for better market conditions to launch, which was provided by the market recovery. New smart contracts were deployed rapidly in the last week, leading to a new all-time high in 2022. Related Reading: Can Elon Musk Influence The Next US Election? In this 7-day period, there have been more than 35,000 new Ethereum contracts deployed. The deployment rate of these new contracts has followed the market through its recovery. As prices are high, investors are more likely to put money into new projects. Hence the willingness of developers to put their contracts into the market. New smart contracts surge | Source: CryptoQuant Daily active addresses on the network also recorded an uptick during this time. It is up about 25% in the last week, although it is far from reaching its 2022 all-time high of 934,000 active addresses back in July. Accordingly, the transaction count also saw an increase during this time. Can Ethereum Hold Up? Even with the marked increase in activity on the network, it has not been enough to hold up the price of Ethereum. The digital asset which had reached a peak just below $1,600 on Thursday had begun to quickly shed its gains ahead of the opening of trading hours on Friday. ETH price loses footing above $1,500 | Source: ETHUSD on TradingView.com Ethereum had lost almost 4% of its value in the last 24 hours, which dragged its price down below $1,500. Support that had been mounting at this level had proven to not be sustainable and bears had broken through the barrier without much hassle. Exchange inflows for the cryptocurrency are on the rise in the last day with a 0.5% increase. This indicates mounting sell pressure on the market. However, with outflows growing just as rapidly, Ethereum investors seem to be carrying out a balancing act at this junction. Related Reading: Meta’s Reality Labs Reports $3.6 Billion In Losses, When Will It End? The 50-day moving average points towards hold for ETH at this point. The next significant resistance level now lies at $1,570. As the market goes into the weekend which is always marked by low volatility, it is hard to pinpoint where the price could swing. Featured image from The Coin Republic, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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