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Ethereum (ETH) Holders Defy Price Drop: Non-Zero Addresses Reach Record High

Sun, 04/23/2023 - 14:30
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Gamza Khanzadaev
Ethereum addresses soar to record high despite ETH price plunge
Ethereum (ETH) Holders Defy Price Drop: Non-Zero Addresses Reach Record High
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As the crypto market continues to experience uncertainty, Ethereum's price has taken a hit, currently sitting at around $1,850 after reaching $2,000 per ETH earlier this week. However, amid this dip, Ethereum has broken yet another record in terms of its network activity.

According to Glassnode data, the number of non-zero Ethereum addresses has just reached an all-time high of 97,864,542, indicating growing interest in the network and its capabilities from minor investors. This is a significant milestone for Ethereum, which has seen a steady increase in non-zero addresses over the past few months.

Is this money smart or not?

Interestingly, while the number of non-zero addresses continues to rise, the number of addresses holding 1,000 coins or more has reached a one-month low of 6,519, with the previous low of 6,521 observed just yesterday. This could suggest that smaller investors are taking advantage of the dip to buy into ETH at lower prices.

Additionally, the number of addresses holding 32 coins or more, which is the minimum amount required for validators to participate in the Ethereum network, has reached a four-month low of 128,003. This could indicate that there is less interest in staking on the network at the moment, possibly due to the recent dip in price.

1.37 Million Ethereum (ETH) Withdrawn So Far in Shapella Upgrade Aftermath: Details

Overall, despite the market fluctuations, Ethereum's network activity remains strong, with a growing number of non-zero addresses. This could be a positive sign for the future of ETH and its potential.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.