Recent on-chain reports show that Ethereum (ETH) has significantly outperformed Bitcoin (BTC) in a key metric, suggesting that the flagship cryptocurrency may not be as dominant as once thought. According to Santiment data, The number of Ethereum holders has exceeded that of Bitcoin by a staggering 320%, highlighting an increase in adoption and investor interest. With the market experiencing significant volatility, this rapid growth in ETH holders could signal renewed bullish momentum, potentially paving the way for Ethereum’s price to rise.
Ethereum Holders Outnumber Bitcoin Holders by 3.2x
The gap between Ethereum and other cryptocurrencies on the market is growing every day and becoming even more impossible to ignore. Santiment recently reported that Ethereum currently has more than three times Bitcoin User Basethe largest and most recognized cryptocurrency in the world.
The market intelligence platform showed via chart, the Ethereum network recorded for the first time in history, as of April 27, a whopping 189.49 million non-empty addresses. This amount completely dwarfs that of Bitcoin, which has only 59.08 million wallets with a balance.
In addition to Bitcoin, the number of holders of Ethereum has surpassed those of XRP, Cardano, Dogecoin and Chainlink. Additionally, ETH network holders also surpassed two of the the world’s largest stablecoins, USDT and USDC. This massive advance highlights Ethereum’s unique position in the crypto market and could heavily influence how investors perceive its value in the future.
Notably, the dramatic difference in the number of holders also shows the growing adoption of Ethereum not only as a digital asset, but also as a digital asset. a platform for decentralized applicationssmart contracts and emerging sectors like DeFi and NFTs. The scale of the Ethereum network suggests that demand for its native token, ETH, could continue to increase as more users participate in the ecosystem. This demand could in turn put upward pressure on its price, potentially pulling the cryptocurrency out of its current downtrend.
Analysts predict a significant rise in the price of ETH
The price of Ethereum and Bitcoin is currently falling as selling pressure increases. However, one crypto analyst on
The analyst describe this model as a “Golden Triangle“, noting that once ETH breaks above the formation’s upper trendline, its price could strongly surpass $8,500 before pulling back and aiming for much higher levels around $12,000 and perhaps $48,000. This notably represents a rather ambitious forecast, given that Ethereum is currently trading at just nearly $2,200.
Meanwhile, Ted Pillows, a well-known crypto expert, offers a more cautious and modest perspective on Ethereum. He note that Ethereum has failed to maintain the $2,400 level for the second time and, therefore, its price could continue to underperform the market. He attributed the decline to weak spot demand for the cryptocurrency.
However, the pillows predicted that if Ethereum can rally and surpass $2,400, this momentum could push the cryptocurrency to between $2,500 and $2,600. If it also exceeds this level, the analyst foresees a stronger rise towards $3,200 to $3,900.
Featured image from iStock, chart from Tradingview.com
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