Ethereum Non-Zero Addresses Soar to New Record High Amid Market Uncertainty
In an uncertain market, Ethereum (ETH) non-zero addresses have struck a new all-time high (ATH) of 99,355,406. This on-chain metric displays the resilience of the Ethereum community, whose members continue to HODL in anticipation of a market recovery.
Ethereum Community Shows Strong Confidence Despite Market Dip
While the global crypto market capitalization remains considerably below the $3 trillion threshold achieved in November 2021, Ethereum continues to showcase robust investor sentiment. According to data analytics firm Glassnode, Ethereum wallet addresses holding at least one wei (the smallest unit of ETH) have surged to an all-time high.
This increase occurs despite Ethereum’s continued price depreciation since its ATH of $4,876 in November 2021, hitting a low of $881.56 last June. This trend suggests even retail investors are retaining their coins despite the downturn.
Decrease in ETH Whales: Increased Staking or Portfolio Diversification?
Interestingly, the trend among Ethereum whales appears to be different. The number of “diamond hands” – holders of 100+ ETH – has sunk to a six-month low of 46,858. Although the exact cause of this decline remains uncertain, potential factors could include increased staking activities or portfolio diversification among these high net worth investors.
Ethereum Market Overview
As of the time of writing, Ethereum is trading at $1,807.35, marking a 1% decline over the past 24 hours. From its November 2021 ATH, Ethereum’s price is down by 62.96%.
However, Ethereum still holds a significant position in the market with a capitalization of $217,193,216,738. It commands a market cap dominance of 18.569%, and its 24-hour trading volume stands at $6,145,561,021, according to data from CoinGecko.
Despite the volatility, the strong growth in non-zero addresses suggests an enduring confidence in Ethereum’s long-term potential among its community members. Whether this will translate into a rebound in price remains to be seen.