The Bitcoin (BTC) bull run may dominate the headlines, but the robust cryptocurrency isn’t the only coin to have strong positive indicators.
According to data from Glassnode Alerts, the number of Ether (ETH) wallet addresses of at least 1 ETH hit an all-time high on November 19:
#Ethereum $ ETH The number of addresses with 1+ coins just hit an ATH of 1,170,598
Earlier ATHs of 1,170,508 were observed earlier today
Show metric: https: //t.co/IuKpD48IXd pic.twitter.com/jOvadjvSgK
– Glassnode Alerts (@glassnodealerts) November 19, 2020
At press time, Ether is trading above $ 500, continuing a strong upward trend that began in early November.
It’s worth noting that single users can create multiple wallet addresses. This means that the number of 1.17 million does not necessarily correspond 1: 1 to the number of users or entities.
The high number of ether holders could not only reflect the bullish sentiment in the market in general, but two other factors as well. First, the popularity of decentralized funding and the associated tokens that use the Ethereum network. While the value of many of these individual tokens has increased significantly compared to their previous bull runs, the total dollar value set in DeFi remains at a strong $ 14.05 billion at the time of publication.
Additionally, the current launch date for Ethereum 2.0 Phase 0 is currently set for December 1st, and Ethereum co-founder Vitalik Buterin has encouraged the community to expect significant improvements in terms of scaling and network development.
As the market analysts at Cointelegraph reported earlier today, the current price of Ether corresponds to a two and a half year high and will bring the coin to an overall performance of Bitcoin in 2020.