The Surprising Rise of ETH Non-Zero Addresses: A Closer Look

03/25/2023 09:15 • Blockchain Briefs • 98 views

On March 25th, according to Glassnode data, the number of ETH non zero addresses reached a record high of 96112215.

The number of ETH non zero addresses hit a record high

If you’re keeping an eye on the world of cryptocurrencies, you must be aware of how Ethereum (ETH) has carved out a niche for itself as one of the most popular digital currencies in recent times. Recently, ETH generated some buzz again when reports emerged of a record high in non-zero addresses of the cryptocurrency on March 25th, as per Glassnode data. Intrigued? Let’s delve into the details.

What are Non-Zero Addresses?

Before we get to the extraordinary surge in non-zero addresses, it’s important to have a basic understanding of what non-zero addresses actually entail. An ETH address is a unique identifier that represents an individual’s wallet on the Ethereum network. Transactions on the Ethereum blockchain take place between these addresses where one address sends Ether to another address. A non-zero address is one that has a balance of Ethereum greater than zero, indicating the amount of ETH held by the address.

The Record High

As per Glassnode, the number of ETH non-zero addresses reached a new high on March 25th as it reached a staggering 96,112,215. This number is significant as it signifies the growing interest and adoption of the cryptocurrency by people across the globe.

Factors behind the Rise

Speculating on factors responsible for this rise is complicated. However, long-term investors and traders likely hold larger amounts of Bitcoin, and they are more likely to move into ETH markets as cycles shift, such as when the market becomes overheated or obsolete. Let’s look at some potential factors contributing to this rise:

New Investors

As the accessibility and ease of usage of ETH continue to increase, more people are showing an interest in trading and investing in ETH. This burgeoning group of investors will probably add to the unique number of ETH non-zero addresses, contributing to the surge in the number of non-zero addresses.

Diverse Use Cases

The network effect of ETH grows as more people discover the many use cases of the Ethereum blockchain beyond payments. From decentralized finance applications to digital identity verification, the options for ETH’s use are many and are only likely to grow in the future, adding to the adoption of Ethereum.

NFTs

Non-Fungible Tokens (NFTs) are a hot topic in the world of cryptocurrencies. Since many NFTs are built on the Ethereum blockchain, they add a unique utility for the usage of Ethereum, which is driving the number of non-zero addresses higher.

Conclusion

In conclusion, It’s fascinating to know that ETH non-zero addresses have reached a new high globally. The intersection of several factors indicates that the interest and adoption of ETH are growing at a surprising rate, which is likely to continue in the coming months.

FAQs

1) What do non-zero addresses signify?

Non-zero addresses represent a unique identifier that represents an individual’s wallet on the Ethereum network. These addresses have an Ethereum balance greater than zero, indicating the amount of ETH held by the address.

2) Can the number of non-zero addresses change over time?

Yes, as more people get interested in Ethereum or the adoption of Ethereum increases, the number of non-zero addresses is likely to rise.

3) What is driving the surge in non-zero addresses?

There are several factors behind the rise, including new investors taking interest, a multitude of use cases, and the rise of NFTs, making Ethereum an exciting platform for future usage cases.

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