The Ethereum network now has 1.34 million addresses with at least 1 ETH. This new all-time high is accompanied by an increase in the number of unique addresses, as well as the price of cryptocurrency.
Ethereum (ETH) investors are looking strong as the number of Ethereum addresses holding at least 1 ETH has reached an all-time high. The Glassnode data platform shows that there is 1.34 million addresses with> 1 ETH, which surpasses the previous all-time high of October 15.
Ethereum has been doing phenomenally well this year, especially as the market has grown, new decentralized applications (dApps) have been released, and some of the changes with ETH 2.0 are introduced At the start of 2021, Ethereum had just over one million addresses with at least one ETH. That’s around 300,000 addresses added in 2021.
There are several reasons as to why there could have been a spike, both in terms of the amount held and the number of unique addresses. Besides the aforementioned ETH 2.0 upgrade, more and more institutional investors are also joining the market. 2021 has seen many new hedge funds and professional investors consider the cryptocurrency market.
Among other developments, there have also been new ETH-focused ETFs applications submitted, including some related to DeFi. These critical developments have led to greater investor confidence in the asset.
The price of ETH has also nearly quadrupled since the beginning of 2021. At the start of the year, it was above $ 1,000, but now it sits at around $ 3,800. Other prominent milestones include a sharp rise in the number of unique addresses on Ethereum, which is currently 172.8 million. This is more than double what it was in January 2021.
Ethereum looking strong
There is no doubt that Ethereum has made significant headway this year. Some of the biggest features associated with ETH 2.0 aren’t even available yet, so there’s still growth on the horizon. The network settled over $6 trillion in transactions in the past 12 months, yet another major development.
Ethereum’s public service sees many incumbents, including established companies, considering joining the network. Scaling remains a problem, but the arrival of solutions like Polygon have helped address that problem. Polygon’s scaling solutions even caught Ernst and Young’s attention.
With DeFi and NFTs continuing to grow, Ethereum’s foothold in the market can only improve. It will need to focus on improving the fundamentals of the network, but that seems to be on track with the rollout of ETH 2.0.
