Ethereum Hit Major Milestone Reached 120 Million Unique Addresses

Akhilesh Agnihotri
Akhilesh is an engineer and research subordinate working with thecoinrepublic.com as a part of the research team and do research work on Cryptocurrency and Blockchain. His curiosity in research and writing brings him to thecoinrepublic.com, He believes writing is all about expressing the thoughts with words and spread information backed by well-researched work.
  • According to IntoTheBlock, other than its price increase, the combined number of addresses held by ETH is now at 39.96 million. It out-shone BTC holdings at 30.1 million.
  • Since February this year, the numbers of active addresses started spiking and have been gradually ascending. 
  • This increase seems directly linked to the upcoming launch of Ethereum 2.0.

Ethereum is the second-biggest cryptocurrency platform per market capital. Further, presently it has more active and unique addresses than industry pioneer Bitcoin. Unique addresses denote the number of present cryptocurrency wallets. While the number of active addresses refers to the unique sending and receiving addresses that implement transactions on a specific day. 

Ethereum transcending 120 million unique addresses 

Ethereum has witnessed inflation for the last three months since its fall in March where the price dropped to $100. At present Ethereum is trading at $241.15. Ethereum has recorded more than two-fold growth at 85% YTD in contrast with Bitcoin’s 32% yearly gains. 

 

According to IntoTheBlock, other than its price increase, the combined number of addresses held by ETH is now at 40.32 million out-shining BTC holding at 33.4 million. 

Statistical information regarding these addresses

In accordance with Bitinfocharts, since June 2019 Ethereum active addresses have experienced a reduction. But in February this year, the numbers again started spiking and ever since has been gradually ascending. Further, registration of about 100,000 new addresses has taken place on the network. 

Hash rate of the Ethereum network has recorded a growth of 26.8% since the start of the year and is the highest in over 7 months. 

Reasons reportedly causing this surge 

This increase seems to be directly attributed to the upcoming launch of Ethereum 2.0. This is quite obvious due to the fact that more than 32 ETH holding wallets and the ongoing staking trend are on an increase since last year. 

The number of stable Ethereum holders has also been on a rise and has reached the highest record to date. 22.39 million addresses hold about 61 million ETH as of 3rd June 2020. This shows a yearly increment of 76%.

The swelling can also be a result of the Grayscale Investment where ETHE is exchanging at a rate of 750% to Ethereum price. 

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