On-chain data shows that the Ethereum network has gone parabolic compared to other major blockchains in terms of non-empty address growth.
Ethereum far exceeds other major cryptocurrencies in terms of total number of holders
In a new article on This indicator measures, as its name suggests, the total number of addresses present on a given network and carrying a non-zero balance.
When the value of this metric increases, it means that users are creating new wallets on the network or filling existing ones with tokens. Such a trend may be a sign that adoption of the asset is growing. On the other hand, the falling indicator suggests that some investors have decided to clean out their portfolios, potentially because they are exiting cryptocurrency.
Now here’s the chart shared by Santiment that shows how total holders’ amount has changed for eight major digital assets, including Bitcoin, Ethereum, and XRP:
The value of the metric has risen the fastest for ETH | Source: Santiment on X
As the chart above shows, all of these cryptocurrencies have seen growth in total holders over the past ten years, suggesting that the industry’s user bases have expanded. However, one network clearly stands out in terms of growth: Ethereum. Although Bitcoin has been around much longer, ETH adoption has been strong enough to overtake the original cryptocurrency by this measure in 2019.
From the chart, it is visible that Ethereum didn’t stop there either, as its total holder count actually accelerated after surpassing BTC. Currently, there are 182.74 million non-empty wallets on the network, the highest number ever.
Meanwhile, total holders also sit at an all-time high for Bitcoin, but with a value of 58.51 million, the asset is clearly significantly behind Ethereum. The gap between BTC and the third-ranked asset on the list is once again huge; Tether’s stablecoin, USDT, currently has 12.96 million holders. Below USDT, the rankings become a bit more balanced, with all of Dogecoin, XRP, USDC, and Cardano falling between 4 and 8 million holders.
Ethereum’s dominance among users is likely a result of its smart contracts functionality that allows it to host a vibrant ecosystem of decentralized finance (DeFi) applications and tokens.
ETH Price
Ethereum fell to the low of $1,900 during its weekend decline, but the coin has since rebounded a bit as it is now trading around the $2,030 mark.
Looks like the price of the coin has overall moved sideways over the past month | Source: ETHUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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