An Ethereum address with a minimum of one ETH token can cross the mark of its previous ATH

  • Ethereum wallet addresses to break its previous all-time high record
  • The high number of wallet holders affecting the Ethereum token
  • Comparing to previous rally several DeFi tokens has taken a beating
  • Vitalik Buterin encouraging Ethereum’s community

The recent rally of Bitcoin has attracted the headlines, but the second-largest cryptocurrency Ethereum (ETH) is also showing few positive indicators. It seems soon Ethereum wallet addresses are going to break its previous all-time high record of 11,70,508. According to a recent tweet by Glassnode, it is revealed that only one Ethereum address is needed with a minimum of 1 Ethereum (ETH) token in it to reach a new all-time high record of 11,70,598 wallet addresses holding 1+ Ethereum tokens.

Do high numbers of wallet holders affect the ETH token?

Notably, Ethereum users can create multiple Ethereum wallet addresses, which concludes that the 1.17 million number of wallets cannot be mapped as 1:1 with the number of users. Indeed, the high number of Ethereum wallet holders can reflect a bullish mood for the token in the market. 

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However, the number of wallet holders can also affect two more factors. Firstly, the high number of wallets holders affect the popularity of decentralized finance or DeFi. On the other side, it also affects every cryptocurrency available on the Ethereum network like ERC-20, WRX, EasyFi, etc.

DeFi tokens experienced an enormous beating

It is observed that, if we compare several decentralized finance tokens to their previous rally, many of the tokens have taken a beating. According to the data of DeFi Pulse, we found that at press time, the total value that is locked in decentralized finance remained at a staggering $14.35 billion.

Co-founder of Ethereum encouraging the community

On Wednesday, as a part of ask me anything (AMA) on Reddit, Vitalik Buterin, the co-founder of Ethereum, was seen encouraging the Ethereum’s community. According to Buterin, the community will soon observe a significant improvement on the scaling and network development front via Ethereum 2.0. However, Ethereum 2.0 Phase 0’s launch date has currently been set on 1st December 2020.

However, it is observed that Ethereum’s current price is two and a half high, bringing it to an overall out-performance of Bitcoin this year. At the time of writing the price of Ethereum is above $540, and continuing to build on its uptrend that started earlier this month.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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