The Ethereum ($ETH) network has achieved a remarkable milestone as the number of addresses with a balance hits an all-time high of 104,076,868, underscoring the network’s growing adoption. This surge in active addresses on Ethereum reflects a significant upswing compared to previous years, according to data from cryptocurrency analytics firm Glassnode.
This upward trajectory is partly attributed to the burgeoning decentralized finance (DeFi) sector and its expanding ecosystem, which has contributed to Ethereum’s rising popularity. The DeFi space has carved out a niche within the broader cryptocurrency landscape, drawing in users seeking alternative financial solutions.
In stark contrast, Bitcoin’s non-zero addresses – those with at least one satoshi – have recently increased to approximately 48 million. However, this figure pales compared to Ethereum’s remarkable tally of addresses with a balance.
While the value of the Ether cryptocurrency has recently stabilized around the $1,830 mark, the number of non-zero Ethereum addresses has exhibited a discernible upward trend in recent times. In 2019, the count stood at around 20 million; by early 2021, it had surged to nearly 50 million. As per market data, this growth coincided with a bullish wave that propelled Ethereum’s price to an unprecedented high of nearly $4,900.
Glassnode’s data further delves into the activity patterns of Ethereum holdings. More than 4.3 million ETH, out of the total circulating supply of 120 million, have remained dormant for seven to ten years. This extended inactivity signifies steadfast faith and strategic holding patterns by long-term investors who believe in the project’s potential.
Shifting the spotlight to the broader cryptocurrency landscape, Bitcoin – the trailblazing digital currency – boasts a substantial portion of dormant holdings. Glassnode’s latest insights reveal that approximately 5.67 million BTC have not been touched since at least 2017. Considering that the total circulating supply of Bitcoin stands at 19.45 million, this data highlights that almost 30% of the currency remains in long-term holding
Notably, Ethereum’s momentum has recently been enhanced by PayPal’s announcement of its stablecoin, PayPal USD (PYUSD), which is built atop the Ethereum network. This strategic move by PayPal underscores its determination to establish a foothold in the thriving realm of Web3 and digital-centric payments.
Ethereum’s network is witnessing a surge in active addresses, propelled by the growing DeFi ecosystem and sustained interest from long-term investors. While Ethereum and Bitcoin exhibit significant dormant holdings, their respective trajectories in the evolving landscape of cryptocurrencies remain influential and closely observed.
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