Ethereum maintains a commanding lead over Bitcoin in interesting adoption metrics, even though price trends remain challenging Pressure around $2,000 to $2,100. New on-chain data shows that ETH’s network user base has expanded significantly over the past decade.
As it stands, Ethereum currently has more than three times the number of wallets with balances than Bitcoin, and the market is It might actually be cheaper The second largest cryptocurrency in the world.
Ethereum holder base becomes parabolic
On-chain analytics platform Santiment We’ve highlighted some interesting trends recently. Overall Cryptocurrency Market: Ethereum’s holder base has grown much more than the holder base of any other major digital asset.
According to the data, ETH currently has approximately 182.7 million non-empty wallets, while Bitcoin has approximately 58.5 million wallets. This leaves ETH with more than 3.1 times the number of holders of Bitcoin, a gap that has steadily widened over the years.
The turning point came in February 2019, when Ethereum surpassed Bitcoin for the first time in terms of total number of addresses holding balances. Since then, the divergence has widened, with ETH wallet growth curving upward while Bitcoin’s line has risen at a much slower pace.
Despite its widespread popularity as the dominant stablecoin, Tether has only 12.96 million wallets and is more than 14 times the size of Ethereum’s base. Interestingly, other notable altcoins are also not keeping up with ETH, where users are actively adding to their positions. The number of non-empty wallets on the XRP Ledger is 7.68 million, Dogecoin is 8.22 million, and Cardano is 4.61 million. Nothing compares to Ethereum.
Prices have lagged behind adoption, but the rise to $5,000 remains strong
The bullish case for ETH is easy to understand. With 182.74 million non-empty wallets, the network has a deeper user base, and such adoption could ultimately be reflected in the price. but, disconnection between Ethereum’s on-chain strength and current price of around $2,000 is not lost on market participants.
For example, crypto analyst Marlin the Trader used the Ethereum rainbow chart to predict a notable rise in major altcoins. According to the analyst, the rainbow chart entered the cheap zone for the first time since 2020, which is the same number as before ETH rose from $700 to $4,800 in 2021.
Currently, Ethereum has two important levels to focus on. A break above $2,500 will unlock the next band on the chart and open the door to a gradual distribution phase to new highs. on the other hand, Fall below $1,900 It will push ETH into the steal zone based on the rainbow model. At the time of writing, ETH is trading at $2,103, up 2.9% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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