See More

Ethereum Address Usage Has Surged Despite Price Slump

1 min
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Ethereum addresses are at an all-time high.
  • There are more positive balance addresses than BTC.
  • Prices are still in an 18-month lull.
  • promo

Ethereum prices are starting to weaken again as Bitcoin fails to break over an important resistance. On-chain metrics and fundamentals for the ETH network are still looking positive, however.
On-chain market analysis provider Glassnode has delved into addresses on the Ethereum network, identifying a bullish trend. There are now 40 million ETH addresses holding a piece of the digital asset. It was also noted that this is an increase of 350% since the Ethereum price peak in early 2018. The metrics are a testament to Ethereum’s network growth, increased adoption, and usage.
Ethereum addresses
ETH Address/Price Chart Courtesy of Glassnode
Unfortunately for investors, this metric has not been reflected in the price, and as the chart shows, ETH has traded relatively flat for the past 18 months. Weiss crypto ratings also observed the positive metrics for Ethereum, noting in a recent tweet that it is ahead of both BTC and XRP.
Bitcoin has 140 times more daily active addresses than XRP, but has fewer addresses with a positive balance in them than ETH. ETH actually has better user numbers than BTC on several key metrics, and XRP has been falling behind both.
These network health indicators are likely to continue to improve as Ethereum adoption grows — so it’s likely only a matter of time before the price begins to catch up.
Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

profile.jpg
Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
READ FULL BIO
Sponsored
Sponsored