The Ethereum network witness an eventful week as the number of addresses holding the ethereum beat Bitcoin to the top. Fees, unique addresses, long term ETH holders follow suit and witness a significant surge.
Ethereum Community Preps For Eth2
The Ethereum community has been looking forward to the launch of Ethereum 2.0 (Eth2) in 2020. While the network has previously undergone several other network upgrades including, Homestead in March 2016, Metropolis: Byzantium in October 2017, Metropolis: Constantinople in February 2019 and the most recent, Istanbul in December 2019. However, Ethereum 2.0 aka Serenity is said to be the most prominent of all as the network would traverse from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
The network aims to address issues pertaining to scalability, security, and accessibility with Ethereum 2.0. While the Ethereum network’s devs have been making progress towards rolling out Eth2, the network seems to be in its Halycon Days. The price of ETH has been witnessing an upward trajectory after a steep fall in March, where the coin hit a low of $109.
ETH’s Price Not The Only Metrics Under Spotlight
While several have been correlating the price surge of altcoins to the price movement of Bitcoin, the Ethereum network has been making headway in other aspects as well. As per Into The Block’s recent tweet, the number of addresses holding ETH had hit a high of 39.96 million, further exceeding the number of addresses holding Bitcoin which is 30.1 million. The tweet read,
With #Ethereum making strides towards launching Ethereum 2.0, the total number of addresses holding #ETH (39.96 million) has surpassed those holding #Bitcoin (30.1 million).”
Furthermore, the platform also reported that the number of long-term Ethereum holders had also hit an all-time high. About 22.39 million addresses have been holding about 61.22 million ETH for more than a year. Into the Block tweeted,
The number of long-term #Ethereum holders has increased to its highest level ever.
As of June 3, 22.39 million addresses have been holding 61.22 million #ETH for over a year. This number is 76% higher than the same date last year#crypto #blockchain #cryptocurrency #intotheblock pic.twitter.com/juZZY0p79z
— intotheblock (@intotheblock) June 5, 2020
Ethereum Network Records Highest Long Term Holders
While the network recorded its highest long term holders, it also witnessed an increase in the number of unique addresses. Last week, the network surpassed 100 million and was at 100,403,047, during the time of writing.
ETH, the second largest coin with a market cap of $27.15 billion did not beat Bitcoin in just ‘number of holders’. The altcoin’s miners were seen earning more fees than Bitcoin miners.
In the above chart, ETH (Purple) was seen surpassing BTC (Red). At the time of writing, the total fees of ETH stood at 547.95K while BTC was at 260.5K.
The Ethereum network seems to be prepping the right way as Ethereum 2.0 is just around the corner.