The survival of any cryptocurrency largely depends on how many people own the asset. In the case of Ethereum, the number of holders is seemingly on the rise. Not all addresses with a balance belong to unique individuals, however.
The Ethereum Club All-time High
In the world of cryptocurrency, there are different ways to own any asset in a convenient manner. The lower the price, the easier to enter a specific market. It is an interesting way of diversifying a portfolio, Owning cryptocurrency is almost a guarantee for long-term profit these days, thus investing any of them is an option worth exploring.
As far as Ethereum is concerned, it doesn’t come close to Bitcoin. Not just in terms of overall adoption, but certainly not where the marketcap is concerned. These are two very different currencies and projects, thus comparing them will only make so much sense.
One also has to keep in mind how Ethereum has a much lower value per asset compared to Bitcoin. This makes it a lot easier to own one full Ethereum under the current market conditions. With just $400, one buys a full Ether. In comparison, this will only get one 0.04 BTC or less, which has a very different ring to it.
It may be for this reason there are now more addresses with an active Ether balance. Over 1.1 million addresses now hold 1 ETH or more. An impressive amount, given how the markets have evolved in recent years. Sustaining this rate of growth will be challenging. Even if Ethereum 2.0 launches, it remains to be seen if people will be drawn to this ecosystem.
Market Hits a Slump Again
Despite the growth in addresses holding 1 ETH or more, the market isn’t responding in kind. All crypto assets have gone in the red for today, and most of them are in the red for the entire week. Ethereum’s price has gone down by nearly 11% in seven days, whereas Bitcoin lost 1.6%. Traders looking to own 1 full ETH may want to stock up at this lower price.
One also has to keep in mind that Ethereum will support staking in the future. To partake in this, users need an active balance. It is unlikely that the minimum threshold will be 1 full Ether. However, the higher the balance, the bigger the staking weight.