The crypto world has been filled with extraordinary news lately. Among them, the price of ETH fell, causing investors to worry. However, there is some good news for those already invested in the top altcoins by market capitalization. Despite the price drop, the number of holding addresses continued to grow and even set new records, showing that interest in ETH is still growing.
#Ethereum23.7 million addresses hold an all-time high of 0.01 $ ether signal increased interest https://t.co/00dGZHqVej
— Kyptos (@azcoinnews) April 25, 2023
According to Glassnode, the number of addresses holding at least 0.01 ETH just hit an all-time high of over 23.7 million. This is a positive development for the altcoin, as it shows that despite the drop in price, many people are still investing. The success of the Shanghai upgrade may have raised eyebrows as the revamped ethereum is faster, more efficient and less expensive to use.
However, it is worth noting that while the number of holding addresses is increasing, the supply of ETH is decreasing. Glassnode’s “last active supply,” which measures the percentage of ETH that was active over a 1-week to 1-month period, is currently just over 7.3 million. The reduction in supply can be attributed to an increase in staking, with Ethereum (stETH) staking nearly 9 million.
Even though the supply of Ethereum is decreasing, the increase in the number of holding addresses is a positive sign. This shows that investors are confident in Ethereum’s long-term potential and are willing to hold rather than sell. It’s worth noting, however, that the recent price drop has confused some traders, causing fees to spike on the Ethereum network. Ethereum’s network fees have soared to their highest level since May 2022, according to Santiment, but have also since retreated 35%.
Overall, the news that the number of addresses holding ETH is increasing despite the recent price drop is a positive development. While there may be short-term volatility in the market, Ethereum’s long-term prospects are bright, thanks to its innovative technology, strong development team, and widespread adoption.
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according to Kyptos