The world of cryptocurrency has been in the news a lot lately, with the price of Ethereum (ETH) dropping recently, causing concern among investors. However, there is some positive news for those invested in Ethereum. Despite the drop in price, the number of addresses holding Ethereum is continuing to increase, indicating that interest in Ethereum is still expanding.

According to data from Glassnode, the number of addresses holding at least 0.01 ETH has reached an all-time high of over 23.7 million. This is a positive development for Ethereum, as it shows that despite the recent price drop, more people are investing in the cryptocurrency. The success of the Shanghai upgrade has likely contributed to this increase in interest, as it has made Ethereum faster, more efficient, and cheaper to use.

However, it is important to note that while the number of addresses holding Ethereum is increasing, the supply of Ethereum tokens is decreasing. Glassnode’s Ethereum “Amount of Supply Last Active” metric measures the percentage of active Ethereum between a week and a month and currently stands at just over 7.3 million. This decrease in active Ethereum supply could be attributed to Ethereum staking, which is on the rise, with currently staked Ethereum (stETH) reaching nearly 9 million.

Despite the decrease in active Ethereum supply, the increase in the number of addresses holding Ethereum is a positive sign for the cryptocurrency. It suggests that investors have faith in Ethereum’s long-term potential and are willing to hold onto their investments instead of selling. However, it is worth noting that the recent drop in Ethereum’s price has caused some traders to polarize, leading to a surge in fees on Ethereum’s network. According to Santiment, Ethereum’s network fees have exploded to their highest level since May 2022, but they have been discounted by 35% since then.

Overall, the news that the number of addresses holding Ethereum is increasing despite the recent price drop is a positive development for the cryptocurrency. While there may be short-term volatility in the market, the long-term outlook for Ethereum remains bright, thanks to its innovative technology, strong development team, and growing popularity.

#Ethereum #ETH #eth2.0 #crypto2023 #azcoinnews

Source: https://azcoinnews.com/ethereums-all-time-high-of-23-7-million-addresses-holding-0-01-eth-signals-increasing-interest.html