The number of Ethereum addresses holding at least 0.1 ETH reached an all-time high this week. There are over 6.8 million accounts that have over 0.1 ETH, which is currently worth $268, according to data specialist Glassnode.
Within the past year, the popularity of ETH has skyrocketed. Many are hoping to overtake Bitcoin and the dominant cryptocurrency.
Ethereum continues to adapt and evolve and perhaps this is why ETH is at an all-time high. Sometime this year, Ethereum is moving to a proof of stake model, which is dubbed Ethereum 2.0.
ETH Skyrockets Due To Ethereum Popularity
NFTs had a lot to do with this considerable rise in ETH popularity as NFTs emerge into popular culture and become a new asset class. Millions of people suddenly needed to hold ETH to buy NFTs as it is the most popular NFT market.
This impacted the number of users holding ETH, reaching an all-time high. Although, many others, including Solana, is becoming more popular due to the the NFT market.
The rise of Ethereum has also been attributed to Decentralized Finance (DeFi). Peer-to-peer financial services are not dependent on intermediaries and DeFi is a generic term that describes peer-to-peer services. These financial services are based on Ethereum and take place on public blockchains.
These two factors have helped ETH to become a hugely popular cryptocurrency. It will be fascinating to see what happens when Ethereum goes to proof-of-stake later in the year.
Never miss important NFT drops: Take a peek at our NFT Calendar!
- Get daily NFT news, announcements, and events via our Daily Newsletter.
- Daily news sent on Telegram
- Snapshot of biggest news daily on Twitter & Instagram
Get the latest on trending NFTs, view upcoming NFT drops, NFT news, announcements, and events at NFTEchoNews.com!