Addresses Holding Ethereum (ETH) in Profit Surpass that of Bitcoin Holders.
New data from IntoTheBlock shows that the number of addresses holding Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is more than that of Bitcoin.
Per the data shared on microblogging platform Twitter, the number of profitable wallet addresses holding Ethereum currently sits at 52.6 million, while the number of addresses holding BTC in paper profit is 39.8 million.
Yesterday we mentioned the growth of $ETH holders, but how about another interesting fact?
There are more addresses holding ETH in profit, than the total number of #Bitcoin holders?
52.6m addresses are profiting from their ETH holdings, while BTC has a total of 39.38m holders https://t.co/aTKQtP3ZmT pic.twitter.com/z8QTmGtphj
— IntoTheBlock (@intotheblock) February 16, 2022
Both cryptocurrency prices have moved almost in a similar pattern since last year. Recall that in November 2020, when the majority of cryptocurrencies hit their respective all-time highs (ATH) November 2020, Bitcoin and Ethereum also achieved similar feats at the time.
However, Ethereum and Bitcoin have fallen more than 35% from their peak ever since.
While both coins have suffered similar losses so far, it is evident that most Ethereum addresses are in profit over BTC because several traders were fortunate to get the second-largest cryptocurrency when its price was down.
Like Bitcoin, Ethereum’s price fell below $2,300 across various crypto exchanges, which saw an increase in the number of accumulation sprees for the cryptocurrency.
The cryptocurrency has continued to record significant growth, especially in its adoption in the last couple of months.
Earlier this month, the number of addresses holding at least one Ethereum reached a new all-time high of 1,423,855 following the significant crash in the cryptocurrency’s price.
Similarly, IntoTheBlock reported yesterday that the number of Ethereum adoptions is growing at a pace of 1.53 million per month, as addresses holding the cryptocurrency surged to 70.4 million.
The major factors responsible for the increase in value for Ethereum holders over BTC include the rise in the interest of non-fungible tokens (NFTs) and play-to-earn (P2E) games.
Both niches are currently the hottest in the crypto market, as billions of dollars are traded across various trading platforms.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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