Ethereum’s Unique Addresses Reach 50 Million But Active ETH Addresses Dropping Significantly
Most of the news for cryptocurrency lately has been, at best, unenthusiastic. Many coins are performing badly and are still at a low points, but there’s so much more involved with a successful platform beyond the coin they tote. Ethereum, for example, recently reached a milestone for any platform in the industry, as The Block found that they’ve officially passed 50 million unique Ethereum addresses. Based on the data, they haven’t seemed to have loss any momentum in their growth, despite the bear market.
Obviously, the growth for price hasn’t been as substantial as early this year, when ETH was being sold for $1,000, and the demand for their token and dApps was at its highest point. Just as an example for the comparison, on January 4th, during the altcoin boost, there were 352,888 new addresses on that day alone.
On average, the network sees about 70,000 new addresses every day, which is a fairly high number. Unfortunately, though the growth of the network is a positive change, there are plenty of issues that need attention. Even with the high number of addresses total, the active addresses have declined.
While over 700,000 addresses were sending and receiving transactions in January, only about 232,000 performed similar actions just a day ago. To make matters worse, this means that barely half a percent of all of the addresses are even participating in the market. Daily transactions have fallen with Ethereum too, from approximately 1.3 million at the beginning of January to 551,916 yesterday, which amount to about six transactions every second.
Even with the downsides over the last year, and even this month, Ethereum is having a good day today. Based on data from CoinMarketCap, Ethereum is trading at $85.49 right now, though it was a few dollars higher at the start of the day.