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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 Bitcoin
In a new post on X, on-chain analytics firm Santiment has shared how the various top networks in the digital asset sector like Bitcoin and Ethereum currently compare against each other in terms of the Total Amount Of Holders. This indicator measures, as its name implies, the total number of addresses on a given blockchain that hold a non-zero balance.
When 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.
In general, whenever the Total Amount Of Holders goes up, all of these factors could be considered to be at play at once. In other words, some net adoption of the cryptocurrency could be assumed to have occurred.
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:
Looks like ETH has a massive lead over the rest | Source: Santiment on X
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.
Ethereum’s dominant position in the metric is down to the rich DeFi ecosystem that the blockchain hosts thanks to its smart contracts feature. Speaking of ETH’s ecosystem, stablecoins make a major part of it and the most dominant among them are USDT and USDC, both of which appear on this list with 13.6 million and 6.8 million holders, respectively.
Among the altcoins, Dogecoin beats XRP and Cardano with a Total Amount Of Holders value of around 8.3 million.
ETH Price
At the time of writing, Ethereum is trading around $2,270, down over 2% in the last 24 hours.
The price of the coin seems to have retraced from its weekend high | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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