Recently, a noteworthy upswing in the count of Ethereum non-zero addresses – addresses that possess some amount of Ether – has been observed. Glassnode data reveals that this count, which only includes externally owned addresses, has hit a record peak of 104,127,318. What implications does this have for Ethereum’s value?
Unprecedented Growth of Ethereum Non-Zero Addresses
A surge in addresses signifies a heightened usage of the network, positioning Ethereum at the forefront of the crypto industry’s application aspects. Consequently, the Ethereum blockchain has witnessed an unprecedented rate of growth in fresh addresses in recent times.
Decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) have been the major attractants, with the majority built on the Ethereum blockchain. As it stands, there are now 104,127,318 Ethereum addresses holding at least one wei, the smallest unit of ETH. A comparison with the count two years ago, which stood around 50 million, indicates a 100% increase.
Although only a fraction of these wallets are active, the high number of non-zero addresses indicates a significant upsurge in ETH adoption. In comparison, the count of non-zero Bitcoin addresses only recently reached an all-time high of 47.8 million addresses.
More Addresses, More Network Activity, and Adoption
The burgeoning interest in trading, smart contracts, DeFi, and NFTs will persistently amplify the count of Ethereum users and non-zero addresses, particularly as the industry teeters on the brink of a potential bull run.
According to Glassnode Alerts, the amount of Ethereum supply last active within a seven to 10-year timeframe has also reached a new all-time high of 4.312 million ETH. This extended state of inactivity suggests HODLing and long-term faith on the part of investors.
The Impact on Ethereum’s Price
Historically, significant rallies in Ether’s price have coincided with a surge in new addresses on the network. During the 2021 bull run, Ethereum saw a wave of new addresses and non-zero addresses, as its price reached an all-time high of $4,810. As mainstream interest and adoption of Ethereum grow, the value and price of Ether (ETH) are likely to increase.
Non-zero addresses signify that activity on many addresses is escalating, which can create buy pressure in addition to other factors that should push ETH’s price higher. Moreover, investment companies are considering the launch of exchange-traded funds (ETFs) tied to Ethereum futures, which could trigger a spike in ETH’s price.
For those interested in tracking these developments in real-time, the cryptoview.io application is an excellent tool. It provides a comprehensive and detailed view of the cryptocurrency market, including Ethereum’s performance.
