The number of non-zero Ethereum addresses, meaning addresses with at least some Ether value, has recently reached an all-time high. According to data from Glassnode, this metric is only significant externally owned addresses recently reached an all-time high of 104,127,318. But what does this mean for the price of Ethereum?
Ethereum Non-Zero Addresses Reach New All-Time Highs
More addresses means more people using the network and Ethereum is in the driver’s seat when it comes to most application aspects of the crypto industry. As a result, the Ethereum blockchain has seen the highest growth rate of new addresses in recent years.
This growth is particularly high as more people flock to decentralized finance (DeFi) protocols and non-fungible tokens (NFTs), many of which are built on the Ethereum blockchain.
At the time of writing, there are now 104,127,318 Ethereum addresses that contain at least one wei, the smallest unit of ETH. Just two years later in 2021, this metric is close to 50 million addresses, which shows a 100% jump this time.
Although only a fraction of these wallets are active, the high number of non-zero addresses shows the very growth of ETH adoption. In the same vein, the number of non-zero Bitcoin addresses has recently reached one long time of 47.8 million addresses.
More Addresses Mean More Network Activity and Adoption
The growing interest in trading, smart contracts, DeFi, and NFTs will continue to increase the number of Ethereum users and non-zero addresses, especially now that the industry is sitting on the edge of a possible bull run.
ETH bulls continue to hold above $1,800 | Source: ETHUSD on Tradingview.com
According to a similar metric by Glassnode Alerts, the amount of Ethereum supply last active in the seven to 10-year timeframe also reached a new all-time high of 4,312 million ETH. This extended state of inactivity is suggestive of HODLing and long-term belief on the part of investors.
Bullish For ETH Price
In the past, major rallies in Ether’s price have coincided with an influx of new network addresses. During the 2021 bull run, Ethereum saw a flurry of new addresses and non-zero addresses, as its price reached an all-time high of $4,810.
As mainstream interest and adoption of Ethereum grows, the value and price of Ether (ETH) will likely increase. Non-zero addresses means that activity on many addresses is increasing, which can create buying pressure in addition to other factors that should push the price of ETH higher.
In addition, investment companies are looking to launch exchange-traded funds (ETFs) tied to Ethereum futurewhich can drive the price of ETH up.
Currently, ETH is currently trading at $1,852 and looking to break above the resistance mounted at $2,000 by the bears.
Featured image from iStock, chart from Tradingview.com