- Ethereum reached a new milestone in the number of individual holders.
- The metric reflects community support for the project.
- Ethereum continues to develop innovative solutions to help with scaling issues.
While crypto prices are far from their all-time highs, the number of holders continues to grow. Recent on-chain data from the Ethereum network demonstrate that.
Ethereum, the world’s second-largest cryptocurrency by market cap, has reached a new milestone in user adoption.
The number of addresses holding at least 0.01 ETH reached an all-time high of 23,800,713 on May 1, 2023, according to Glassnode.
Ethereum Holder Numbers See Steady Growth
The figure reflects a growing community of Ethereum holders and increased adoption in the Ethereum ecosystem.
Despite the collapse of crypto prices since 2021, Ethereum is experiencing a steady growth in unique holders. While its price is far below its all-time high of $4,878.26 on Nov 10, 2021, individual holders are reaching record numbers.
The network saw an all-time high of addresses with 0.01 ETH on 30 April 2023, when the figure reached 23,799,287. At current prices, 0.01 ETH is worth $18.
One factor behind the adoption is the ongoing upgrades in the Ethereum network. The most recent development is the implementation of zk-rollups. These Layer-2 solutions aim to improve the network’s scalability and efficiency, expanding Ethereum’s potential use cases.
On the Flipside
- User growth indicates that retail investors continue to buy and hold ETH, even after institutional investors sold off their tokens.
- Even as Ethereum continues to evolve, competitors such as Polkadot, Cardano, and Solana are vying to dethrone it.
Why You Should Care
The number of unique holders is a good indication of how the strength of a crypto community. While institutional investors have an outsized influence on the price, retail investors help maintain a token’s price stability.
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