- Ethereum’s active addresses surge to a record 104 million, reflecting DeFi’s growth and Ethereum’s widening adoption.
- PayPal’s recent move to launch a stablecoin on Ethereum’s platform solidifies the currency’s leading role in the evolving digital payments ecosystem.
Ethereum’s Meteoric Rise in Active Addresses
In the evolving digital landscape of cryptocurrencies, Ethereum ($ETH) has registered a new milestone. As per the recent data from the renowned cryptocurrency analytics entity, Glassnode, Ethereum’s active addresses have surged to an astounding 104,076,868. This indicates that these addresses are now holding at least one wei, which is the minutest fraction of ETH, highlighting a considerable surge compared to previous years’ figures.
This monumental growth of Ethereum stands in stark contrast to Bitcoin’s pace. Bitcoin’s non-zero addresses, which signify those addresses that hold a minimum of one satoshi, have recently peaked at about 48 million. This is notably less than half the number of Ethereum’s active addresses. This divergence in growth trajectories is significant, especially considering the predominant status Bitcoin has maintained for years.
Delving into the pricing metrics, while Ethereum’s cryptocurrency (Ether) has recently stabilized, hovering around the $1,830 benchmark, its non-zero addresses have witnessed an undeniable surge. To provide some perspective, these addresses stood at roughly 20 million back in 2019 and rocketed to approximately 50 million by the start of 2021. This period notably precedes the bullish wave that catapulted Ethereum to an unmatched price close to $4,900, as per the available market data.
Furthermore, a discerning observation from Glassnode’s data unveils that of the total 120 million ETH in circulation, over 4.3 million have remained dormant, with their last recorded activity traced back between seven and ten years ago. Such prolonged inactivity potentially underscores the long-term confidence or a strategic investment vision adopted by certain Ethereum holders.
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However, this isn’t a phenomenon exclusive to Ethereum. Casting the net wider to encompass the entire crypto domain, Bitcoin, the trailblazing digital asset, holds its own when it comes to dormant holdings. Recent data showcases that a staggering 5.67 million BTC have not seen any movement since at least 2017. With Bitcoin’s total circulating supply being 19.45 million, this implies that an approximate 30% remains ensconced in prolonged holding.
Cementing Ethereum’s increasing relevance in the digital realm is the recent announcement from the payments juggernaut, PayPal. The company revealed its intentions to launch a stablecoin named PayPal USD (PYUSD) rooted in Ethereum’s network. This move not only amplifies PayPal’s ambitions in the expanding world of Web3 but also reinforces Ethereum’s preeminent role in the future of digital transactions.
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