A new milestone has been reached in the crypto sphere, as the number of addresses holding Ethereum hit an all-time high of over 51.4 million before the end of a turbulent 2020 year.
Number of Addresses Holding ETH Hits a New All-Time High
Per figures of data site Glassnode, there are now 51,491,730 addresses holding the aforementioned cryptocurrency, as it keeps climbing in the context of a rally seen in the prices of most cryptos in the last weeks of 2020.
The number is significant, considering that there were only 34.7 million addresses with ethereum (ETH) at the start of the year, up by 48% as per the current figures. Previous ethereum’s ATH was set at 51,487,512 addresses holding the second biggest crypto by market capitalization.
On the last day of the year, as of press time, markets.Bitcoin.com shows that ETH is exchanging hands at $739.63, up 0.63% on the day, with a market cap of $84,363,317,420.4.
Also, ethereum’s prices rally over the year can be attributed to the decentralized finance (defi) frenzy witnessed during 2020 in the midst of the coronavirus pandemic. ETH is also used in most defi apps, boosting the number of addresses holding the cryptocurrency.
In December 12, 2020, the number of addresses of non-zero ETH reached the 50,476,989 figure, showing a bullish trend that has been staying firmly over the year. The number of ethereum addresses is still higher than their counterparts.
Latest Developments on the Ethereum’s Space
The Chicago Mercantile Exchange (CME) announced on December 16, 2020, that CME Group is expanding the company’s crypto derivatives and plans to launch Ethereum futures in the midst of a growing trend of the second most popular crypto across the board.
Also, news.Bitcoin.com reported about a report published by Coin Metrics on September 30, 2020, about how defi is “fueling Ethereum’s growth,” stating that cumulative ETH fees in 2020 superseded bitcoin’s by a long shot, as high gas prices “are becoming the new norm.”
What do you think about this rising number of addresses holding ETH? Let us know in the comments section below.
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Source : Bitcoin