Even though the crypto markets remain subject to mainly bearish momentum, things are not all bad. It is essential to keep an eye on the crucial metrics for all significant crypto assets. Both Bitcoin and Ethereum note a substantial increase in holders, indicating there may be some accumulation going on.
Ethereum Holding Addresses Surpass 17.5 Million
It is difficult to determine how many unique holders any cryptocurrency has. The number of addresses holding a balance can serve as an indicator, although users can generate as many addresses as they want. Moreover, they can distribute funds to as many addresses as they think necessary, making it very difficult to assess the real numbers accurately.
What is evident is how there is a strong increase in unique Ethereum addresses holding a balance. As there is a new all-time high of over 17.523 million addresses, Ethereum appears to be in a fair place. However, one has to remember this represents addresses with a balance of 0.01 ETH or more. That represents a value of under $50, which isn’t too difficult to obtain.
Additionally, this curve for Ethereum has been climbing upward steadily for several months. Thus, it appears many people want to hold Ether in various quantities. While this trend keeps gaining momentum, it may be a matter of time until over 20 million unique addresses hold a fraction of an Ether.
The growth comes at an interesting time for the second-largest cryptocurrency by market cap. As all markets are still bearish, it has become increasingly heap to obtain 0.01 ETH. Lower prices appear to attract more attention, hinting at potential accumulation. That may not be sufficient to trigger a market reversal, however.
Similar Momentum For Bitcoin Whales
When Ethereum notes a form of accumulation, one can bank on Bitcoin having similar momentum. The metrics confirm such growth, although it is on a different level. Bitcoin notes a three-month high for addresses holding 1,000 BTC or more. That represents a value of over $43 million per address, compared to Ethereum’s $40 or less.
Such strong demand for Bitcoin can occur for various reasons. One scenario involves users sending more BTC to exchange wallets by generating new deposit addresses. Another is how whales are distributing their wealth across more addresses for some reason. Accumulation is still a likely option, as whales will not miss out on scooping up cheaper BTC.