thecryptobasic.com
In recent weeks, there has been a growing adoption of Ethereum (ETH), the world’s second-largest cryptocurrency.
According to data published by cryptocurrency on-chain analytics company Glassnode, the number of non-zero Ethereum addresses has hit a new all-time high (ATH).
Per Glassnode, the number of Ethereum addresses with a non-zero balance surged to an ATH of 84,381,102.
📈 #Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 84,381,102
View metric:https://t.co/beS1MtIgAZ pic.twitter.com/klRgU4Xr5F
— glassnode alerts (@glassnodealerts) July 25, 2022
Widespread Adoption of Ethereum
Interestingly, people’s confidence in the crypto asset has continued to heighten, prompting its widespread adoption. It is not surprising to see the number of Ethereum addresses with a non-zero balance surge to a new all-time high.
Ethereum is one of the crypto projects that has lots of utility and has been widely adopted by developers. Developers consider the Ethereum network the perfect choice for their projects ranging from decentralized finance (DeFi), non-fungible tokens (NFTs), and play-to-earn (P2E) games, among others.
Users of these Ethereum-based cryptocurrency projects are usually required to pay transaction fees in ETH. This will ultimately position the coin for a rally as adoption skyrockets.
Investors are aware of Ethereum’s potential, prompting the massive purchase of the asset class as they prepare for an imminent rally.
ETH Price Performance
Ethereum gave investors a snippet of what it was capable of last year after its price surged to an all-time high of $4,878.
Unfortunately, the value of ETH has so far dipped 69% from its ATH. At the time of writing this line, Ethereum was trading at $1,521.
Santiment, a crypto analytics company that tracks the market data of over 2,000 digital currencies, commented on the recent price movement of ETH, saying:
“#Ethereum had an up and down Sunday, jumping above $1,640 before dipping back down to $1,540. The trading crowd continues to not believe the hype, and is expecting prices to fall heading into the #FOMC meeting. $ETH should continue to stay volatile.”
📉 #Ethereum had an up and down Sunday, jumping above $1,640 before dipping back down to $1,540. The trading crowd continues to not believe the hype, and is expecting prices to fall heading into the #FOMC meeting. $ETH should continue to stay volatile. https://t.co/8Mq6wPrIat pic.twitter.com/6v5JCIDWOH
— Santiment (@santimentfeed) July 25, 2022
Meanwhile, ETH adoption has been growing tremendously in recent times. As reported by TheCryptoBasic, the number of addresses holding at least one ETH surged to a new all-time high over the weekend.