Ethereum: Another record for the blockchain!
The number of Ethereum addresses with non-zero balances continues to increase. According to Glassnode, the coin now has over 75 million owners worldwide. This is the first time.
Every day, blockchain attracts a flood of new investors. These people are often preoccupied with the world of Bitcoin or Ethereum. Today, Glassnode leads us to the "little carrier" of the cryptocurrency prince.
For those who believe in the development of cryptocurrencies, the Bitcoin and Ethereum projects are usually the busiest. This is true for individual investors, and even more so for institutional investors.
Over 3.987 million wallets will contain over 0.1 ETH, which is about $310 at current token prices. The 4 million mark may be reached in the coming weeks. To understand how these wallets have evolved to exceed 0.1 ETH, consider that their volume has grown by over 10% over the past 13 months. This amount has increased by more than 50% since the beginning of 2020. (There were 2.65 million addresses at the time).
Ethereum’s market cap dilution is good news for price stability. In fact, avoiding whales can indeed limit the massive selling pressure of tens of thousands of ETH. Not only does this help reassure investors, it also helps reduce asset volatility. However, an increase in the number of wallets worth 0.1 ETH or more does not mean that whales are losing control. Traditionally, whales gain weight in bad periods before selling assets in bullish periods.
At the same time, the amount invested in Ethereum 2.0 is also growing. As of this writing, nearly 9.5 million ETH has been placed in the Ethereum 2.0 protocol (also known as the consensus layer). Remember that this protocol should allow the Ethereum network to transition from proof-of-work to proof-of-stake.
Ethereum domination refers to Ethereum’s market cap as a percentage of the entire crypto market. At the time of writing, Ethereum has a market share of around 18.8% and is by far the most popular altcoin. This element is shown in the image below, taken from the Coinmarketcap platform:
Ethereum projects have regained 18-20% market share since mid-2021. Despite the emergence of projects like Solana and Avalanche, this level is still very close to other stablecoins.