Ethereum on a Bullish Row as Total Non-Zero Wallets Nears 100 Million Milestone
Ethereum, the decentralized computer network, is making headlines for its impressive performance in the market. In recent weeks, ETH's price has been rallying and continues to show bullish momentum, with the blue-chip cryptocurrency trading at $1,660 at press time. But that's not all. The network is also nearing an incredible milestone of 100 million Ethereum addresses.
According to data from Glassnode, the number of Ethereum addresses with a non-zero balance has reached a record high of 92.5 million. This is a clear indication that the network is being heavily used and that users aren't just sitting on their ETH holdings but actively using it to run programs on the network.
Furthermore, the number of active addresses on Ethereum is also on the rise. Active addresses are the number of distinct addresses exchanged by a sender or receiver.
Experts predict that if Ethereum continues to grow at its current rate, it could reach the 100 million address mark by the second quarter of this year. This is a significant milestone for the network and bodes well for the future prospects of Ethereum.
Ethereum Emerges as Most Dev-Active Blockchain for 2022
In 2022, Ethereum and Cardano emerged as the top blockchains in terms of active developers, with an average of 223 and 151 daily developers, respectively, according to a report by DappRadar. The report found that Ethereum saw the smallest decrease in active developers at 9.37%, maintaining its position as the leading blockchain in terms of developer activity. Cardano, on the other hand, saw a decline of 26.47% in its developer count compared to 2021.
Developer activity is a crucial litmus test of a blockchain's health and growth. As stated by DappRadar, this metric provides insight into the level of interest and engagement by developers, which is vital "for the development of new features, increased security, network effects, innovation, and, thus, adoption."
Ethereum Burning Like a Furnace
In other related news, the Ethereum burn mechanism has proven to be successful in cutting the supply of Ether as part of the Ethereum Improvement Proposal (EIP) 1559 launch. The protocol, launched in August 2021, has been burning ETH at an unprecedented rate.
EIP-1559 destroys a portion of all Ethereum transactions, including a portion of every non-fungible token (NFT) trade, yield strategy, and simple token transfer.
According to reports, since the implementation of EIP-1559, a total of 2.8 million ETH has been removed from circulation, equating to roughly $4.64 billion at today's prices. This marks a significant milestone for the Ethereum network and highlights the impact of the EIP-1559 implementation.
ETH Price Action
Ethereum, along with the broader crypto market, has recorded a strong start to the year as the cryptocurrency inches towards recording its best monthly performance since July 2022.
Apart from the numerous on-chain factors highlighted above, the recent bullish gains seen in ETH can also be attributed to Bitcoin, which has been aggressively bullish in recent weeks.
The primary target for Ethereum bulls now is the $2,000 mark. A move above this level could signal to traders that the crypto winter has dissipated significantly, building more bullish confidence to aim higher. Do you think ETH can maintain the trend to the end of January and possibly tap $2,000?
ETH Statistics Data
ETH Current Price: $1,660
ETH Market Cap: $201.9B
ETH Circulating Supply: 122.3M
ETH Total Supply: 122.3M
ETH Market Ranking: #2
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This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.