Data on the chain shows that the Ethereum network has become more parabolic in terms of growth in empty addresses than other major blockchains.
The total number of holders of Ethereum is more than the other top cryptos
In a new post on X, blockchain analytics firm Santiment compared the trend in total holdings of Ethereum and other top cryptocurrencies like Bitcoin. This metric, as the name suggests, measures the total number of addresses on a given network that have a non-zero balance.
When the value of this metric rises, it means that users are creating new wallets on the network or filling existing wallets with tokens. Such a trend may be a sign of progress in asset adoption. On the other hand, the lower indicator shows that some investors have decided to clean their wallets because they are withdrawing from cryptocurrency.
Now, here’s a chart shared by Santiment showing how the total amount of holders has changed for eight major digital assets, including Bitcoin, Ethereum and XRP:
The value of the metric has risen the fastest for ETH | Source: Santiment on X
As shown in the chart above, all of these cryptocurrencies have benefited from an increase in the total number of Holders over the last ten years, indicating that the user bases in this sector have expanded. But one network clearly stands out in terms of growth: Ethereum. Despite the fact that Bitcoin has been around for a long time, the adoption of ETH has been strong enough that in 2019 it surpassed the original cryptocurrency in this metric.
As you can see from the chart, Ethereum didn’t just stop there, as the total amount of its holders really accelerated after passing BTC. There are currently 182.74 million empty wallets on the network, the highest ever.
Meanwhile, the total amount of Bitcoin holders is also sitting at a record level, but with a value of 58.51 million, the assets clearly lag behind Ethereum. The gulf between BTC and the third asset on the list is again huge; Tether’s stablecoin, USDT, currently has 12.96 million holders. Below USDT, the positions are a bit more balanced, with Dogecoin, XRP, USDC and Cardano all in the 4 to 8 million holder range.
Ethereum’s popularity among users is likely a result of its smart contracts feature, which allows it to host a robust ecosystem of decentralized finance (DeFi) applications and tokens.
The price of ETH
Over the weekend, Ethereum fell to a low of $1,900, but the coin has since bounced back a bit as it is now trading around $2,030.
Looks like the price of the coin has overall moved sideways over the past month | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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