Ethereum Holders Continue to Rise, Unique Addresses On A Steady Uptrend
The prices in the cryptocurrency market remain subdued, with the low-volume weekend seeing another drop.
This time, Ether is trading around $2,100, down about 52% from its all-time high in mid-May, with funding on some exchanges in negative.
However, investors are taking advantage of this opportunity and scooping up some cheap coins, with the number of ETH holders who have held the crypto asset for at least one year continuing to increase.
The number ETH addresses holding for over one year continue to increase. 👀 pic.twitter.com/x4Dl9kBgec
— Documenting Ethereum 🦇🔊 (@DocumentEther) July 9, 2021
Much like this, the total number of unique addresses on the Ethereum blockchain is also on an uptrend, reaching past 162.5 million. The daily increase in the number of addresses is still strong and above 100k, as per Etherscan.
This daily increase has also been going above 200k on some days, two days in a row in early June, even recording more than a 320k increase.
“There is merit IMO to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”
“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high,” said Musk on Twitter, adding,
“Block size & frequency should steadily increase to match broadly available bandwidth.”
Meanwhile, in an interview with French media, Bogdanoff twins are selling the non-fungible token (NFT) of their meme while claiming to have played a role in bitcoin’s invention. NFT growth, much like DeFi, is also happening primarily on the second largest network.
— Vitalik Booberin (@VBooberin) July 7, 2021
For now, the Ethereum community is eagerly awaiting the London hard fork with EIP 1559, which is expected to be activated in early August.
Following this, next year, Ethereum is expected to make the shift from Proof-of-Work (POW) to Proof-of-Stake (POS). Already, more than 6.25 million ETH are staked in its deposit contract.
According to JPMorgan, staking lowers the opportunity cost of holding cryptos versus other asset classes such as US dollars and US Treasuries. According to them, this ability to earn a positive real return could also drive the crypto market to become more mainstream.
“In fact, in the current zero rate environment, we see the yields as an incentive to invest,” said the banking giant.