In the ever-evolving world of cryptocurrency, the number of active holders is a critical metric that sheds light on adoption trends. A recent analysis has unveiled how Bitcoin, Ethereum, and Dogecoin compare in terms of the total number of addresses holding balances on their respective networks.
Ethereum Outshines Bitcoin and Dogecoin in Wallet Holders
According to the latest data shared by an on-chain analytics firm, Ethereum continues to dominate the cryptocurrency market with an impressive 167.96 million addresses holding a non-empty balance. Bitcoin, the foremost cryptocurrency by market capitalization, falls considerably behind with just 57.62 million addresses.
This stark contrast highlights not only Ethereum’s growing user base but also its robust ecosystem, which includes various layer two blockchains and decentralized finance (DeFi) applications, all made possible by its advanced smart contract functionalities.
Following Bitcoin, the stablecoin USDT ranks third with 9.63 million addresses. The gap between this and Bitcoin is significant, but the following cryptocurrencies are clustered more closely. Dogecoin and XRP come in fourth and fifth place, boasting 8.13 million and 7.41 million holders, respectively.
The data indicates that while Bitcoin’s number of holders has remained relatively flat over the past year, Ethereum has shown a continuous upward trajectory, further establishing its dominance in the cryptocurrency landscape.
Moreover, a related metric known as Network Growth reinforces this trend, measuring the emergence of new addresses within the network. Recent figures reveal that Ethereum is witnessing an average of 163,000 new addresses daily, a marked increase from the 124,000 recorded in July of this year.
This uptick in network growth is a strong indicator of Ethereum’s sustained popularity and user engagement, suggesting an ongoing influx of investors and developers keen to leverage the opportunities presented by its diverse applications.
Current Bitcoin Price Update
As of the latest reports, Bitcoin is trading at approximately $87,500, reflecting a 2% decrease over the past week. Market analysts will be observing not only price movements but also trends in wallet holders as indicators of potential market shifts.
Overall, the data reflects an encouraging landscape for Ethereum, positioning it as a frontrunner in the cryptocurrency race, while Bitcoin maintains its status as a stalwart of the crypto market.
