The price of Ethereum is presently at $1,565 as adverse tailwinds make it difficult for cryptocurrencies to survive. Will the price of ETH reach new all-time highs in light of the current 100 million user milestone?
The Middle East’s growing crisis has created bearish headwinds that have coincided with Ethereum’s latest network adoption milestone. Data-driven insights regarding Ethereum’s possible price movement in the coming weeks are offered by on-chain measures.
Ethereum Has Passed 100 Million Addresses
The main goals of Ethereum’s switch from Proof of Work (PoW) to Proof of Stake (PoS) consensus were to lower costs, increase worldwide acceptance, and lessen energy use.
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The energy usage of the Ethereum network has decreased by a self-reported 99.988% after The Merge on September 15, 2022. The 3-year low for average transaction fees was reached. And as of just now, adoption has surged to a new height worldwide.
On October 16, 100 million non-zero balance addresses on Ethereum set an all-time high, according to on-chain data provided by IntoTheBlock.
A closer look at the data reveals that after the Ethereum Merge, the percentage of addresses with non-zero balances has significantly grown.
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As of September 15, 2022, just 30% (57.64 million out of 192 million) of all Ethereum addresses have at least one Gwei balance, according to the data below.
By October 19, 2023, 100.07 million of the 270 million total ETH addresses have an active balance, bringing the percentage to 37%.
No-Zero Equilibrium On a blockchain, addresses are digital wallets or accounts that have a balance of the native money at the moment.
Unlike unused or empty addresses with zero holdings, these accounts indeed contain some ETH at the moment.
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This notable rise in Non-Zero Balance Addresses suggests that Ethereum is becoming more and more popular throughout the world. The market demand and, consequently, the price of Ethereum may increase as a result of this clearly favourable indicator.
Notably, the Ethereum Merge and this spike in non-zero balance addresses have occurred at the same time. This indicates that entrance barriers have been successfully removed and new active investors have been drawn in by cheaper transaction costs and energy-consumption optimisation.
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