Ethereum Shoots Up With 3.3% User Growth While Bitcoin Stale

On-chain
data
shows
Ethereum
has
notably
outpaced
Bitcoin
in
terms
of
adoption
during
the
last
three
months,
a
sign
that
could
be
positive
for
ETH.

Ethereum
Has
Seen
Its
Holder
Count
Go
Up
By
3.3%
In
Last
Three
Months

According
to
data
from
the
on-chain
analytics
firm
Santiment,
Ethereum
has
continued
to
separate
itself
from
Bitcoin
in
its
growth
of
the
Total
Amount
of
Holders.
The
Total
Amount
of
Holders
here
refers
to
an
indicator
that,
as
its
name
suggests,
keeps
track
of
the
total
number
of
addresses
on
a
given
network
that
is
carrying
some
non-zero
balance.

When
the
value
of
this
metric
goes
up,
it
means
new
addresses
with
balance
are
popping
up
on
the
blockchain.
Such
a
trend
may
arise
when
new
investors
join
the
market
and
old
ones
who
had
sold
earlier
reinvest.

The
indicator
also
registers
an
increase
when
existing
investors
divide
their
holdings
into
multiple
wallets,
perhaps
as
a
measure
of
privacy.
In
general,
all
three
of
these
are
at
play
whenever
the
metric
rises,
so
some
net
adoption
can
be
assumed
to
be
taking
place,
which
can
be
bullish
for
the
asset.

On
the
other
hand,
the
indicator
going
down
implies
some
holders
have
decided
to
clear
out
their
wallets,
potentially
to
completely
get
away
from
the
cryptocurrency
at
least
in
the
short
term.

Now,
here
is
a
chart
that
shows
the
trend
in
the
Total
Amount
of
Holders
for
the
top
three
coins
in
the
sector,
Bitcoin
(BTC),
Ethereum
(ETH),
and
Tether
(USDT),
over
the
past
few
years:

Looks like the value of the metric has been on the way up for ETH | Source: Santiment on X

As
displayed
in
the
above
graph,
the
Total
Amount
of
Holders
for
Ethereum
has
been
riding
an
uptrend
during
the
last
few
years,
with
this
momentum
continuing
in
the
last
three
months
as
4
million
more
holders
have
showed
up
on
the
network.

In
contrast
to
ETH’s
growth,
BTC
has
seen
its
Total
Amount
of
Holders
almost
show
a
sideways
trajectory
since
2021.
In
the
last
three
months,
the
number
one
cryptocurrency
has
actually
outright
seen
a
decline
in
its
user
base,
with
50,000
addresses
emptying
themselves
out.

Following
the
latest
increase,
Ethereum
now
boasts
almost
127
million
holders,
while
the
metric
stands
at
just
54
million
for
Bitcoin,
meaning
that
the
latter
doesn’t
even
have
half
as
many
holders
as
the
former.

The
number
one
stablecoin,
USDT,
currently
has
6
million
addresses
holding
a
balance,
which
represents
an
increase
of
around
230,000
compared
to
three
months
ago.

BTC’s
Total
Amount
of
Holders
trend
would
imply
the
coin
may
have
hit
a
roadblock
in
its
adoption,
while
ETH
has
continued
to
attract
new
users,
likely
because
of
the
rich
ecosystem
that
it
hosts.

ETH
Price

At
the
time
of
writing,
Ethereum
is
floating
around
$2,400,
down
more
than
4%
over
the
last
24
hours.

The price of the coin appears to have seen a sharp drawdown | Source: ETHUSD on TradingView

Featured
image
from
Dall-E,
Santiment.net,
chart
from
TradingView.com