On-chain data shows that the Ethereum network is progressing parabolically compared to other major blockchains in terms of non-empty address growth.
Ethereum far exceeds other top cryptocurrencies by total number of holders
In a new post on X, on-chain analytics firm Santiment compared trends in total holders between Ethereum and other top cryptocurrencies such as Bitcoin. This indicator, as its name suggests, measures the total number of addresses that exist on a particular network and have a non-zero balance.
When the value of this metric increases, it means that users are creating new wallets on the network or replenishing existing wallets with tokens. Such trends may indicate increased adoption of assets. On the other hand, the downward trend in the indicator suggests that some investors have decided to wipe out their wallets in order to exit cryptocurrencies.
Here, a graph shared by Santiment shows how the combined value of holders of eight major digital assets has changed, 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 seen their total number of holders increase over the past decade, suggesting a growing user base across the sector. But there is one network that clearly stands out in terms of growth. It’s Ethereum. Even though Bitcoin has been around for much longer, ETH’s adoption has been strong enough that it surpassed the original cryptocurrency in this metric in 2019.
The chart shows that Ethereum did not stop there, and the total amount of holders actually accelerated after surpassing BTC. There are currently 182.74 million non-empty wallets on the network, an all-time high.
Meanwhile, the total number of Bitcoin owners is also at a record level, but with a value of 58.51 million, this asset clearly lags far behind Ethereum. The gulf between BTC and the third-place asset on the list widens once again. Tether’s stablecoin USDT currently has 12.96 million holders. Below USDT, the rankings are a bit more balanced, with Dogecoin, XRP, USDC, and Cardano all in the 4-8 million holder range.
Ethereum’s dominance among users is likely a result of its smart contract capabilities that allow it to host a vibrant ecosystem of decentralized finance (DeFi) applications and tokens.
ETH price
Ethereum fell to the low $1,900s during the weekend selloff, but has since rebounded a bit and is currently 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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