On-chain data shows the Ethereum network is nearing in on the 190 million holders milestone, hosting more than triple the userbase of Bitcoin.
Ethereum Has Been Widening Its Adoption Gap To BitcoinWhen the value of this metric rises, it means new wallets with a balance are popping up on the network. Such a trend can arise due to a number of reasons, like new investors coming into the market or old investors who had sold earlier making a return. Existing users creating new wallets for privacy purposes can also naturally contribute to the trend.
On the other hand, the indicator going down suggests some users are clearing out their wallets on the blockchain, potentially because they have decided to exit from the market.
Now, here is the chart shared by Santiment that shows the trend in the Total Amount Of Holders for eight major cryptocurrencies:
As displayed in the above graph, the coin ranked the highest in terms of holders is Ethereum, with about 189.5 million in non-empty addresses present on the network. This is a massive amount, and it’s only been growing recently.
Meanwhile, Bitcoin has witnessed a flat trajectory in its Total Amount Of Holders over the last few months, implying that the adoption of the cryptocurrency has stalled while Ethereum has continued to attract users. Currently, BTC has 59.1 million wallets with a balance, which is less than a third of the size of ETH’s userbase.
Among the altcoins, Dogecoin beats XRP and Cardano with a Total Amount Of Holders value of around 8.3 million.
ETH PriceAt the time of writing, Ethereum is trading around $2,270, down over 2% in the last 24 hours.
