On-chain data shows that the Ethereum network is closing in on the 190 million holder mark, hosting more than triple Bitcoin’s user base.
Ethereum has widened its adoption gap compared to Bitcoin
In a new article on This indicator measures, as its name suggests, the total number of addresses on a given blockchain that hold a non-zero balance.
When the value of this metric increases, it means that new wallets with a balance appear on the network. Such a trend can arise for a number of reasons, such as new investors entering the market or old investors who had sold earlier and made a return. Existing users creating new wallets for privacy purposes can also naturally contribute to this trend.
In general, whenever the total amount of holders increases, all of these factors can be considered to be in play at the same time. In other words, one could assume that some net adoption of cryptocurrency has occurred.
On the other hand, the falling indicator suggests that some users are emptying their wallets on the blockchain, potentially because they have decided to leave the market.
Now here is the chart shared by Santiment that shows the trend in total holder amount for eight major cryptocurrencies:
Looks like ETH has a massive lead over the rest | Source: Santiment on X
As the chart above shows, the top-ranked coin in terms of holders is Ethereum, with approximately 189.5 million non-empty addresses present on the network. This is a huge amount, and it has only increased recently.
Meanwhile, Bitcoin has seen a stable trajectory in total holders over the past few months, implying that adoption of the cryptocurrency has stalled while Ethereum has continued to attract users. Currently, BTC has 59.1 million wallets with a balance, less than a third the size of ETH’s user base.
Ethereum’s dominance in this metric is due to the rich DeFi ecosystem that the blockchain hosts through its smart contracts functionality. Talking about the ETH ecosystem, stablecoins make up a significant part of it and the most dominant among them are USDT and USDC, both of which are on this list with 13.6 million and 6.8 million holders respectively.
Among altcoins, Dogecoin beats XRP and Cardano with a total holder value of around 8.3 million.
ETH Price
At the time of writing, Ethereum is trading around $2,270, down more than 2% in the last 24 hours.
The price of the coin seems to have retraced from its weekend high | Source: ETHUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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