According to data provider CoinMetrics, the number of ETH wallets that hold 10,000 coins and more has shown sharp growth this year, coming close to 1,250 what is slightly below the all-time high seen in 2018. Will Ethereum skyrocket like Bitcoin? It is clearly one of the only fully functioning smart contract platforms on the market and we can see institutional interest starting to accelerate.
Ethereum is most used despite high fees
According to the website, cryptofees.info ETH has the highest daily fees turnover exceeding even Bitcoin hence it is the most utilized network despite the fees. Bitcoin is clearly becoming mainly a store of value since people are more holding than transferring and Ethereum a world computer with many use cases in the real life.
The founder of the Daily Gwei ETH platform, Anthony Sassano, has taken to Twitter to share the data provided by CoinMetrics. The chart Sassano posted shows that the amount of addresses with more than 10,000 ETH has seen a major rise in 2021, almost hitting 1,250 and coming close to the all-time high witnessed by the market three years ago, in 2018.
The main use cases indicated on the defipulse website we are explaining very often are:
- Lending – Maker, Compound, Aave
- Dexes – Uniswap, Sushiswap, Curve
- Payments – Matic, Flexa
- Derivates and tokenization – Synthetix, Nexus
- Assets – Badger, RenVm, yearn.finance
Ethereum hits two all-time highs in a row
Ethereum investors have become much more active in late 2020 as the upcoming launch of the long-expected upgrade, ETH 2.0, was announced. Stakers began locking a minimum of 32 ETH in the deposit contract and then, in early December, the zero phase of Ethereum 2.0 was launched.
Besides, the explosive growth of DeFi platforms such as SushiSwap, Uniswap, Compound, and others also attracted ETH investors who started yield farming on those dapps and expected ETH to print a massive rise.
The year of 2021 started with Ethereum printing two consecutive all-time highs, the second reached on Jan. 25 at the $1,467 level.
Ethereum Foundation partners with Reddit
The largest social media platform for news aggregation and discussion, Reddit, has entered into a partnership with Ethereum Foundation to produce scaling tools for the DLT platform.
Reddit keeps gaining new users with over 50 million at present and hundreds of new communities. There is coming much more for Ethereum this year as mentioned in our last article and from the fundamental point of view, the price can follow the Bitcoin uptrend this year.