Ethereum saw a jump in adoption in the last few weeks amid the NFT boom and a surge in demand for DeFi products. Glassnode, one of the leading crypto analytics and on-chain analysis platforms, recently highlighted that the total number of Ethereum addresses with a non-zero balance touched an all-time high of 60.7 million last week.
The total number of ETH addresses with non-zero balances jumped from 35 million in January 2020 to over 60 million in August 2021. The latest surge in Ethereum addresses with an active balance came nearly one week after the exchange activity of ETH increased sharply.
In addition to the recent jump in Ethereum addresses with a non-zero balance, the total number of BTC addresses with an active balance has increased significantly in the last few weeks, According to Glassnode, a total of 38 million Bitcoin addresses have non-zero balances.
“A good signal of adoption, interest, accumulation and HODLing is the growth in non-zero balances. Bitcoin non-zero addresses have continued to grind higher, having returned to over 38M addresses, and about to take out the ATH. Ethereum non-zero address counts are in strong ascent, reaching a new ATH of 60.7M addresses,” Glassnode mentioned in the report.
Yesterday, the deposit contract of Ethereum 2.0 crossed 7.2 million staked ETH for the first time.
The ETH network is currently painting a mixed picture. The total number of network transactions decreased in the last few days, but the gas fee has increased sharply.
“Interestingly, within the Ethereum ecosystem, we are seeing a fairly dramatic divergence in on-chain attention. Whilst transaction counts and active addresses are down, the magnitude of fees paid is trading significantly higher. This is most likely attributed, at least in part, to the strong demand for NFT trading and investing. Total transaction fees on the Ethereum network currently sit around 10k ETH per day which represents a relatively high level, comparable to ‘DeFi summer’, and the 2021 Bull market,” the on-chain analytics firm highlighted in the latest report.