New Milestone For Ethereum Could Spell Good News For ETH Price

Ethereum

The number of Ethereum non-zero addresses, meaning addresses that hold at least some amount of Ether, just reached an all-time high. According to data from Glassnode, this metric which counts only externally owned addresses just reached an all-time high of 104,127,318. But what does this mean for the price of Ethereum?

Ethereum Non-Zero Addresses Reach New All-Time High

More addresses mean more people are using the network and Ethereum is in the driver’s seat when it comes to most application aspects of the crypto industry. As a result, the Ethereum blockchain has seen the highest growth rate in new addresses in recent years. 

This growth has been particularly high as more people flock to decentralized finance (DeFi) protocols and non-fungible tokens (NFTs), the majority of which are built on the Ethereum blockchain.

As of the time of writing, there are now 104,127,318 Ethereum addresses holding at least one wei, the smallest unit of ETH. Just around two years ago in 2021, this metric was around 50 million addresses, showing a 100% jump during this time. 

Although only a fraction of these wallets are active, the high number of non-zero addresses shows the sheer increase in ETH adoption. In the same vein, the number of non-zero Bitcoin addresses only recently reached an all-time high of 47.8 million addresses.

More Addresses Means Increased Network Activity and Adoption

The growing interest in trading, smart contracts, DeFi, and NFTs will continue to boost the number of Ethereum users and non-zero addresses, especially now that the industry sits on the cusp of a possible bull run. 

Ethereum (ETH) price chart from Tradingview.com

ETH bulls continue to hold above $1,800 | Source: ETHUSD on Tradingview.com

According to a similar metric by Glassnode Alerts, the amount of Ethereum supply last active within a seven to 10-year timeframe also just reached n new all-time high of 4.312 million ETH. This extended state of inactivity is suggestive of HODLing and long-term faith on the part of investors.

Bullish For The Price Of ETH

In the past, major rallies in Ether’s price have coincided with a surge in new addresses on the network. During the 2021 bull run, Ethereum saw a flurry of new addresses and non-zero addresses, as its price reached an all-time high of $4,810.

As mainstream interest and adoption of Ethereum grow, the value and price of Ether (ETH) are likely to increase. Non-zero addresses mean activity on many addresses is increasing, which can create buy pressure in addition to other factors that should push ETH’s price higher. 

Additionally, investment companies are looking to launch exchange-traded funds (ETFs) tied to Ethereum futures, which could propel a spike in ETH’s price.

Right now, ETH is currently trading at $1,852 and is looking to break above the resistance being mounted at $2,000 by the bears.

Featured image from iStock, chart from Tradingview.com