#Ethereum has been compared to #bitcoin ever since it was created, with some people claiming it is superior to the original #cryptocurrency . Competition has intensified over the years, notably with the meteoric rise of ETH. Ethereum appears to be closing the gap on Bitcoin, particularly in terms of the number of functioning addresses.
Bitcoin Has Fewer Active Addresses Than Ethereum
Santiment, an on-chain data tracker, made a stunning announcement on the ongoing competition between Bitcoin and Ethereum on Thursday, September 14. The X post stated that the second-highest daily total of unique addresses transacting on the network had been attained, according to the tracker.
Not only is this important for the blockchain as a whole, but also for the battle between the two major assets in the industry. According to Santiment's count, Ethereum has 1,089,893 users, making it the most popular cryptocurrency in the world.
In December of 2022, the number of daily unique active addresses on the network reached an all-time high. It has been about a year since this statistic was this high, so there must be something unusual propelling it now.
This data is consistent with data from Artemis Terminal, which also showed that Ethereum has more daily active addresses than Bitcoin.
On September 13, Ethereum had 1.03 million daily addresses, according to Artemis, whereas Bitcoin only had 743,800. Yet as of September 14th, that number has dropped and Bitcoin is once again ahead of Ethereum.
The Implications of This?
Even if Ethereum had a huge increase on Wednesday, it doesn't mean anything because the network can't keep up with the demand. The increase might also be readily explained by the Friend's meteoric growth in popularity. Innovative Ethereum-backed decentralised social network for the financial industry.
The amount of people using technology on a daily basis has seemingly come back from the dead. It's hardly surprising that the number of Ethereum (ETH) addresses in use on the network has increased, given that having one is a prerequisite for using the platform.
There appears to have been minimal effect on the value of the coin from the increase in the number of daily active addresses. Even with today's 0.35 percent increase and last week's 1.15 percent drop, the price of ETH is still having trouble staying over $1,600.
