In brief
- The number of Ethereum addresses holding one of more ETH has hit new highs.
- Metrics site Glassnode puts the figure at 1,175,681.
- The number has been on the up this year—but still hasn’t increased like it did during the 2017/2018 bull run.
The number of Ethereum addresses holding at least one ETH ($593) has again hit an all-time high. Data released today by metrics site Glassnode showed that the figure now stands at 1,175,681.
Why? Because the price of Ethereum has soared this year and mania around the asset is increasing. It is also the platform most decentralized finance products are built on—and 2020 has been the year of DeFi.
The number of Ethereum addresses holding at least one ETH has slowly been on the up this year.
In January, the figure stood at 972,924. By June, when DeFi was well and truly exploding, it had passed 1 million.
In the past six months, the number of wallets holding 1 ETH or more has increased by more than 12%.
That may not sound like much but it shows that interest in the second-biggest cryptocurrency by market cap is growing—and that we are well and truly in a bull market.
Still, we aren’t quite where we were in 2017, when the price of ETH hit an all-time high of $1,300. Back then, wallets holding one ETH or more soared by over 1000% in the space of 12 months.
Currently, the price of ETH is $594, an increase of 9.5% in the past week, according to data from CoinMarketCap. The price of Ethereum has sharply risen ever since Bitcoin, the largest coin by market cap, started rising in October.
Bitcoin this week blasted past its all-time high price of about $19,500, set in 2017, to a few hundred dollars higher than that. The price of Bitcoin is $19,115, as of this writing.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.