In a groundbreaking development, Ethereum (ETH) celebrated a remarkable achievement, as the network marked a historic milestone of 100 million funded addresses. This momentous occasion has ignited a buzz in the cryptocurrency world, hinting at a potential surge in ETH’s price.
This milestone comes at a pivotal time when Ethereum is facing headwinds from the ongoing Middle East crisis. Despite the challenging global landscape, Ethereum’s on-chain metrics suggest a promising trajectory for its future price action.
The transition of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS) was designed to reduce energy consumption, lower transaction fees, and foster global adoption. Since “The Merge” on September 15, 2022, Ethereum has seen a drastic reduction in energy usage by 99.988%. Transaction fees hit a three-year low, and global adoption has surged to unprecedented levels.
On October 16, Ethereum achieved an incredible milestone of 100 million non-zero balance addresses. An in-depth analysis reveals that since “The Merge,” the ratio of non-zero balance addresses has seen significant growth.
Before the merge, only 30% of total Ethereum addresses held at least a 1Gwei balance. However, as of October 19, 2023, this number has increased to 37%, with 100.07 million out of 270 million total ETH addresses now maintaining an active balance.
Ethereum (ETH) is currently priced at $1,554.39, reflecting a 1.53% decrease over the past 24 hours. In terms of market capitalization, Ethereum holds a substantial position as the second-largest cryptocurrency, with a market cap of $186,936,344,040. This figure represents 1.67% of the entire cryptocurrency market. Over the last 24 hours, Ethereum has experienced a trading volume of $4,353,282,472, making it the fourth most traded cryptocurrency in the market.
This surge in non-zero balance addresses is a clear indicator of increasing adoption and global interest in Ethereum. What’s even more striking is that this surge coincided with the Ethereum Merge, which indicates that reduced transaction fees and energy optimization have made the platform more accessible, attracting a wave of new active investors.
The 100 million non-zero balance milestone highlights the influx of new users into the Ethereum ecosystem. The “New Adopters’ Participation Rate” further substantiates this, with new ETH investors actively engaging in daily economic activity.
As the number of new investors and their transactional activity continues to rise, Ethereum stands poised to potentially break into a new all-time high, with a target of $5,000 during the next bull rally. The data also reveals that a significant sell-wall at $1,900 is the primary obstacle to ETH reaching this milestone.
While challenges remain, the growing network demand has the potential to bolster Ethereum’s price, potentially preventing it from dropping below $1,400 and maintaining support at $1,500.
In summary, Ethereum’s achievement of 100 million funded addresses is a testament to its growing global adoption and the enthusiasm of new investors. As the crypto world eagerly watches, the stage is set for Ethereum to make a formidable push towards the coveted $5,000 price mark.
