As the crypto market fell, investors rushed to buy their favorite coins.
Glassnode data show that a number of addresses holding 1+ Ethereum reached a new all-time high of 1,407,532, while the previous all-time high was 1,407,198.
? #Ethereum $ETH Number of Addresses Holding 1+ Coins just reached an ATH of 1,407,532
Previous ATH of 1,407,198 was observed on 21 January 2022
View metric:https://t.co/IuKpD48IXd pic.twitter.com/QNH3rpxYHq
— glassnode alerts (@glassnodealerts) January 26, 2022
One of the best cryptocurrency trading strategies has always been to load one’s bag during a major price dip in order to enjoy massive profit when the market stabilizes.
Interestingly, many crypto investors see the current bear market as an opportunity to buy ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.
According to fresh data on Glassnode, the number of unique addresses holding at least one ethereum has reached an all-time high (ATH) of 1,407,532 today.
The feat suggests that cryptocurrency investors are taking advantage of the bear market to increase their ETH holding.
It is worth noting that the previous ATH of addresses holding at least one ETH or more was recorded on Friday, January 21, 2022, the weekend that saw a majority of the total crypto market capitalization wiped off.
Ethereum was not spared as the coin has fallen more than 48% since it peaked at $4,878 on November 10, 2021. The coin is currently trading around $2,500, according to Coingecko data.
Ethereum (ETH) is still considered one of the favorite cryptocurrencies among crypto traders, as the asset class continues to record widespread adoption, especially in this bear market.
Aside from the bear market, certain factors are responsible for the widespread adoption of ethereum.
Non-fungible tokens (NFTs) and Play-to-Earn (P2E) games are among the hottest niches in the crypto space, and a majority of these projects are developed on the Ethereum blockchain.