Ethereum has done very well this year, especially with the growth of the market, the release of new decentralized applications (dApp) and the introduction of some changes in ETH 2.0. At the beginning of 2021, Ethereum had at least more than 1 million addresses One ETH. This results in an increase of around 300,000 addresses in 2021.
Ethereum 2.0 Upgrade: A Major Cause of Spike in the ETH Address
According to the report from Glassnode data platform on October 18, there are 1.34 million addresses with 1 ETH and above, which exceeds the historic high of October 15.
With the number of Ethereum addresses with at least 1 ETH hitting a record high, Ethereum (ETH) investors are looking strong.
There are several reasons for it to grow in both inventory and the number of unique addresses. ETH 2.0 upgrade is one of the reasons which allows more institutional investors to come into the market. In 2021, many new hedge funds and professional investors are considering the cryptocurrency market.
Among other things, new ETH-focused ETF applications were submitted, including some DeFi-related applications. This important development increases investor confidence in the asset.
Ethereum’s only address: Etherscan
The price of ETH has almost quadrupled since the beginning of 2021. At the beginning of this year, the price was over $ 1,000 and is now around $ 3,800. Other outstanding milestones include the dramatic increase in the number of unique addresses on Ethereum, which currently stands at 172.8 million. That is more than twice as much as in January 2021.
Ethereum Looks Bullish
There is no doubt that Ethereum has made significant strides this year. Some of the biggest features related to ETH 2.0 have not yet been launched, so there is still room for growth. The network has completed more than $6 trillion in transactions in the past 12 months, which is another major development.
The benefits of Ethereum are causing many existing companies, including established companies, to consider joining the network. Scaling is still a problem, but the advent of solutions like Polygon helped solve this problem. Polygon’s scaling solution even caught the attention of Ernst and Young.
With the continued growth of DeFi and NFT, Ethereum’s market position is only getting better. It needs to focus on improving the network base, but with the introduction of ETH 2.0, this seems to be on the right track.