Even though the current cryptocurrency price momentum is still a mixed bag, people are stocking up on Ether. The native currency of the Ethereum network notes several substantial increases across crucial metrics. It may be a sign of things to come or a side effect of the popularity of DeFi and NFTs; no one knows.
Investors Stack Ether
One can explore several metrics to determine whether a particular cryptocurrency is popular right now. The number of addresses holding a specific amount of that currency will often help gauge overall market momentum. Many people tend to overlook the aspect that one doesn’t need a full coin of X asset. Owning one Bitcoin or one Ether may seem like a better idea, but one also requires the ability to afford it.
Thanks to cryptocurrencies being divisible by up to eight digits after the decimal, it is a lot more straightforward to acquire fractional amounts. For Ethereum, many people own far less than 1 Ether, even though it is a more affordable currency than Bitcoin. However, many people have been accumulating during the recent market dip, by the look of things.
The number of users holding 1 ETH or more has reached a new all-time high. While some of these addresses may belong to the same individual, Ether is still a popular currency today. A remarkable development, although the recent price increase may have something to do with it. Additionally, there is the growing popularity of DeFI and NFTs, both of which primarily reside on the Ethereum blockchain.
Per Glassnode, there are now nearly 13 million unique addresses holding 1 ETH or more. That doesn’t say much for a currency that has a supply of over 103 million Ether. However, the metric notes all-time high after all-time high this week, confirming the accumulation of ETH isn’t over yet. It remains unclear how long this trend will continue.
Ethereum Whales Make Their Move
Following a strong decline in numbers, the unique addresses holding 10 Ether or more are rising again. Reaching a four-month high is a strong indicator of the growing demand for Ethereum. Again, it remains unclear where this sudden increase originates from or how long it will stay in place. Cryptocurrency accumulation is impossible to predict.
Interestingly, there are now more than 272,880 addresses holding such a balance. Either whales are diversifying their Ether holdings across wallets, or the interest in Ethereum‘s asset keeps growing. It is difficult to determine which of the two options is correct, as anything is possible in the cryptocurrency industry. Moreover, the markets are still in an indecisive state; thus one shouldn’t consider this a sign of future bullish Ethereum momentum just yet.