Ethereum Reaches Yet Another Adoption Milestone

Latest Cryptocurrency News
Sun, 08/09/2020 - 10:02
Alex Dovbnya
Ethereum addresses with at least 0.1 ETH reach yet another all-time high after surpassing the 3 mln level back in June
Ethereum Reaches Yet Another Adoption Milestone
Cover image via stock.adobe.com
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The number of Ethereum addresses that hold at least 0.1 ETH has now reached a new all-time high of 3.2 mln, according to data provided by Glassnode.

Glassnode
image by @glassnodealerts

Notably, it took less than a day for the second-largest cryptocurrency to break its previous high. 

Ethereum activity surges 

There is a clear link between the number of Ethereum wallets that hold at least 0.1 ETH and the asset’s price performance.

As the graph above shows, the most significant surge came during the 2017 bull run. 

After plateauing during a prolonged crypto winter, it is now once again on the rise as ETH is changing hands slightly below the $400 level. 

Earlier this month, the number of ETH addresses in profit surpassed the number of total Bitcoin addresses (32.88 mln and 31.02 mln, respectively).  

Ethereum has become a front-and-center player in the decentralized finance ecosystem, which explains this rapidly growing activity. 

Related Ethereum Foundation Unveils ETH 2.0 Validator Launchpad in Partnership with ConsenSys
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Ethereum Foundation Unveils ETH 2.0 Validator Launchpad in Partnership with ConsenSys

Awkward ideological comparisons 

The new adoption milestone comes amid a heated debate about Ethereum’s total circulating supply reignite by Morgan Creek Digital’s Anthony Pompliano:

“The Ethereum community can’t figure out what the total outstanding supply of the asset is. This is a MAJOR problem and showcases why ETH is not good money.”

Bitcoin maximalist and RT host Max Keiser went as far as comparing Buterin to controversial young congresswoman Alexandria Ocasio-CortezAlexandria Ocasio-Cortez who has been at the forefront of the democratic socialist movement in the U.S.   

“One’s a Keynesian illiterate who thinks printing - but never counting - fiat money, fixes stuff. The other is an ETH illiterate who thinks printing - but never counting - ETH, fixes stuff. There’s always ‘better socialism’ coming.”

As reported by U.Today, independent investor Tuur Demeester, whose Adamant Capital fund recently got shut down, also drew parallels between Ethereum's difficulty bomb and communism. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.