Ethereum Surges with 3.3% Increase in Users as Bitcoin Lags
Ethereum’s Adoption Surpasses Bitcoin in Last Three Months
Recent on-chain data reveals that Ethereum has been experiencing a surge in adoption compared to Bitcoin over the past three months, indicating a potentially positive outlook for ETH.
The analytics firm Santiment’s data indicates that Ethereum has been steadily increasing its Total Amount of Holders in comparison to Bitcoin. This metric tracks the total number of addresses on a network holding a non-zero balance, reflecting the emergence of new addresses with balances on the blockchain. Such growth often signifies new investors entering the market, existing investors reinvesting, or holders diversifying their wallets for privacy reasons. Overall, an uptick in this metric suggests a net increase in adoption, which can be a bullish signal for the asset.
Conversely, a decrease in the Total Amount of Holders implies some holders are reducing their exposure to the cryptocurrency, potentially signaling a short-term exit from the market.
A comparison chart showcasing the trends in the Total Amount of Holders for the top three coins – Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) – over the past years illustrates Ethereum’s consistent uptrend. In the last three months alone, Ethereum has seen an additional 4 million holders joining its network.
In contrast, Bitcoin’s Total Amount of Holders has remained relatively stagnant since 2021, with a recent decline in user base as 50,000 addresses have emptied out. Currently, Ethereum boasts nearly 127 million holders, while Bitcoin lags behind with only 54 million holders, highlighting Ethereum’s significantly larger user base.
The leading stablecoin, USDT, has witnessed an increase in addresses holding a balance, reaching 6 million – up by approximately 230,000 compared to three months ago.
The divergence in adoption trends between Ethereum and Bitcoin suggests that Ethereum’s robust ecosystem continues to attract new users, while Bitcoin may be facing obstacles in expanding its user base.
As of the latest data, Ethereum is trading around $2,400, reflecting a slight decline of over 4% in the past 24 hours.
Overall, Ethereum’s recent growth in adoption metrics compared to Bitcoin indicates a promising trajectory for the cryptocurrency, driven by its expanding user base and vibrant ecosystem.
