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The Ethereum ($ETH) network has reached an impressive milestone as the number of addresses holding a balance has soared to an all-time peak of 104,076,868, highlighting the network’s increasing adoption. This rise in active addresses on Ethereum indicates a notable increase compared to prior years, as reported by cryptocurrency analytics firm Glassnode.
This upward trend is partially linked to the rapidly growing decentralized finance (DeFi) sector and its expanding ecosystem, which has played a role in Ethereum’s heightened popularity. The DeFi domain has established a distinct presence within the larger cryptocurrency environment, attracting users in search of alternative financial options.
In sharp contrast, Bitcoin’s non-zero addresses – those containing at least one satoshi – have recently climbed to around 48 million. However, this number is significantly lower than Ethereum’s impressive count of addresses with a balance.
While the value of the Ether cryptocurrency has recently stabilized near the $1,830 level, the number of non-zero Ethereum addresses has shown a clear upward trend in recent times. In 2019, the figure was approximately 20 million; by early 2021, it had surged to nearly 50 million. According to market data, this expansion coincided with a bullish trend that drove Ethereum’s price to an unprecedented high of nearly $4,900.
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Glassnode’s data also explores the activity patterns of Ethereum holdings. Over 4.3 million ETH, from the total circulating supply of 120 million, have remained inactive for seven to ten years. This prolonged dormancy indicates strong confidence and strategic holding behaviors by long-term investors who are optimistic about the project’s potential.
Turning to the wider cryptocurrency market, Bitcoin – the pioneering digital currency – holds a significant amount of dormant assets. Glassnode’s recent findings indicate that around 5.67 million BTC have not been moved since at least 2017. Given that the total circulating supply of Bitcoin is 19.45 million, this data reveals that nearly 30% of the currency is held long-term.
Importantly, Ethereum’s momentum has been recently bolstered by PayPal’s announcement of its stablecoin, PayPal USD (PYUSD), which is built on the Ethereum network. This strategic initiative by PayPal emphasizes its commitment to establishing a presence in the flourishing domain of Web3 and digital-focused payments.
Ethereum’s network is experiencing a rise in active addresses, driven by the expanding DeFi ecosystem and ongoing interest from long-term investors. While both Ethereum and Bitcoin display significant dormant holdings, their respective paths in the evolving cryptocurrency landscape continue to be influential and closely monitored.
The post Ethereum ($ETH) Addresses With a Balance Hit New Record High Above 100 Million. appeared first on BitcoinWorld.
