Ethereum’s Non-zero Addresses Hit All-time High
The popularity of Ethereum (ETH) continues to grow as more wallets hold the cryptocurrency, according to on-chain data from Glassnode. Over the past 24 hours, $16.6 million worth of ETH has been transferred off-exchanges. The number of non-zero addresses, indicating a growth in Ethereum’s user base, has reached an all-time high of 95,104,412. However, it is important to note that this number includes addresses holding a small quantity of ETH, which may not be worth moving.
More ethereum wallets are holding more than zero, which means that ETH is becoming more popular all the timehttps://t.co/D9LSPycREd
— crypto.news (@itscrypto_news) March 7, 2023
Strong Investor Belief
Moreover, the data reveals that a new all-time high of 3,643,722 ETH worth $5.64 billion has not been moved in the past seven to ten years. This suggests that long-term holders of the cryptocurrency are not selling despite recent market volatility. This is a positive sign for the health of the Ethereum ecosystem, as long-term holders often act as stabilizing forces in the market. The fact that these coins have not moved for such a long time also indicates high confidence by long-term holders in the potential for future growth of the Ethereum project.
While ETH has suffered losses during the recent bear market, it still boasts a market capitalization of $192 billion, making it more valuable than companies such as Toyota, Walt Disney, and Wells Fargo.
Ethereum Growth
These developments come after core Ethereum developers recently launched EntryPoint, a new software smart contract that allows wallet accounts to function as smart contracts. The launch of EntryPoint is expected to increase the number of smart contracts on the Ethereum network, further contributing to the growth of the Ethereum ecosystem.
Overall, the increase in non-zero addresses and the long-term holding of ETH by users signal a positive outlook for Ethereum. With the launch of new software smart contracts and the anticipated launch of Ethereum 2.0, the future of Ethereum appears bright.
