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Ethereum Blockchain sets new record

The number of Ethereum addresses with a non-zero balance is reaching new heights. As Glassnode shows, today there are more than 75 million owners of the token around the world, setting up a record. 

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The blockchain attracts many new investors every day. And these are often immersed in the world of Bitcoin or Ethereum. Today, Glassnode directs us to the “small carriers” of the prince of cryptos.

 

More And More ETH Holders

For those who understand in the improvement of cryptocurrencies, they’d understand that the Bitcoin and Ethereum projects are often the most busy. This is the case with individuals and it is even more the case with institutional investors.

Data from Glassnode released today tends to show that ETH token holders have been steadily rising since 2018. Today, more than 75.15 million wallets have a non-zero Ethereum balance.

 

 

In detail, more than 3.987 million wallets would hold more than 0.1 ETH, or approximately $310 at the current token price. The 4 million threshold could be crossed in the coming weeks. To appreciate the evolution of these wallets at more than 0.1 ETH, their number has increased by more than 10% over the last 13 months. Compared to the start of 2020, this figure is up by more than 50% (2.65 million addresses at the time).

 

A Sign Of Ethereum Adoption?

The dilution of Ethereum’s marketcap is good news for price stability. Indeed, avoiding the whales makes it possible to limit the strong selling pressures of several thousand ETH. This helps to reassure investors but also to limit volatility on an asset. Nevertheless, if the number of wallets at 0.1 ETH or more increases, it does not mean that the hold of the whales is decreasing. Traditionally, whales regain weight during bearish phases before selling their assets during bullish phases.

 

At the same time, the value deposited in Ethereum 2.0 continues to increase. At the time of writing, nearly 9.5 million ETH have already been deposited in the Ethereum 2.0 protocol, also called consensus layer. A protocol which, remember, should allow the Ethereum network to move from Proof of Work to Proof of Stake.

 

What About “Ethereum Dominance”?

Ethereum dominance represents the share of Ethereum’s marketcap relative to the overall crypto market. At the time of writing, Ethereum remains by far the main altcoin with a dominance of around 18.8%. The following graph, taken from the Coinmarketcap platform, shows this element:

 

 

Since mid-2021, the Ethereum project has returned to 18-20% dominance. A level that remains relatively close to all other stablecoins despite the development of projects like Solana or Avalanche.

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