On-chain data shows the Ethereum network has gone parabolic relative to other major blockchains in terms of growth in non-empty addresses.
Ethereum Far Exceeds Other Top Cryptos In Total Amount Of Holders
In a new post on X, on-chain analytics firm Santiment has compared the trend in the Total Amount Of Holders between Ethereum and other top cryptocurrencies like Bitcoin. This indicator measures, as its name suggests, the total number of addresses present on a given network that are carrying a non-zero balance.
When the value of this metric rises, it means users are either creating fresh wallets on the network or refilling existing ones with tokens. Such a trend can be a sign that adoption of the asset is advancing. On the other hand, the indicator heading down suggests some investors have decided to clean out their wallets, potentially because they are exiting from the cryptocurrency.
Now, here is the chart shared by Santiment that shows 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 displayed in the above graph, all of these cryptocurrencies have enjoyed growth in the total number of Holders over the last ten years, suggesting user bases across the sector have expanded. One network, however, clearly stands out in terms of growth: Ethereum. Despite Bitcoin having been around for much longer, ETH’s adoption has been strong enough that it surpassed the original cryptocurrency in this metric back in 2019.
From the chart, it’s visible that Ethereum didn’t just stop there, either, as its Total Amount of Holders actually accelerated after surpassing BTC. Currently, there are 182.74 million non-empty wallets on the network, the highest ever.
Meanwhile, the Total Amount of Holders is also sitting at a record level for Bitcoin, but with a value of 58.51 million, the asset is clearly significantly behind Ethereum. The gulf between BTC and the third-placed asset on the list is again massive; Tether‘s stablecoin, USDT, has 12.96 million holders right now. Below USDT, the standings become a bit more balanced, with all of Dogecoin, XRP, USDC, and Cardano lying in the 4 to 8 million holders range.
Ethereum’s dominance in users is likely a result of its smart contracts feature that allows it to host a vibrant ecosystem of Decentralized Finance (DeFi) applications and tokens.
ETH Price
Ethereum went down to the low $1,900 levels during its dip over the weekend, but the coin has since bounced back a bit as it’s now trading around the $2,030 mark.
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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