The broader cryptocurrency market cheered after the FOMC meeting on Wednesday, July 27, as the Federal Reserve decided to increase the interest rate by 75 basis points, on the expected lines.
More than $100 billion have been added to the broader cryptocurrency market. The world’s second-largest cryptocurrency Ethereum has shot up more than 16% as of press time moving past $1650 levels.
This happened as the Ethereum address activity reached an all-time high of over 1 million. As on-chain data provider Santiment explains:
Ethereum shattered records Tuesday after an incredible surge in address activity broke its #AllTimeHigh by a wide margin. 1.06M $ETH addresses made transactions, & the team is still investigating the cause of the +48% increase over the previous record.
A day before, in its report, Santiment noted: “A huge spike in address activity appeared today, the largest one ever in fact, but on lower time frames this activity looks very coordinated, so take this with a grain of salt. This might be some kind of a large-scale airdrop farming operation”.
