On-chain data shows that the Ethereum network has been parabolic compared to other major blockchains in terms of non-empty address growth.
Ethereum far surpasses other top cryptocurrencies in total number of holders.
In a new post on This metric, as the name suggests, measures the total number of addresses present on a particular network carrying non-zero balances.
An increasing value of this indicator means that users are creating new wallets on the network or refilling existing wallets with tokens. This trend may be a sign that asset adoption is underway. On the other hand, a downward trending indicator indicates that some investors have decided to liquidate their wallets, potentially exiting cryptocurrencies.
Now, a chart shared by Santiment shows how the total number 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 graph above, all of these cryptocurrencies have seen their total number of holders grow over the past decade, indicating an expanding user base across the sector. But one network clearly stands out in terms of growth. It is Ethereum. Even though Bitcoin has been around for much longer, ETH’s adoption has been strong enough to surpass the original cryptocurrency on this metric in 2019.
Looking at the chart, we can see that Ethereum didn’t stop there either, as its total 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 holders also remains at record levels for Bitcoin, but with a valuation of $58.51 million, the asset is clearly far behind Ethereum. The difference between BTC and the third-place asset on the list is again huge. 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 over users is likely a result of its smart contract capabilities, which 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 drop, but has since rebounded slightly, currently trading around the $2,030 level.
Looks like the price of the coin has overall moved sideways over the past month | Source: ETHUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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