Ethereum non-zero addresses hit new all-time high

The number of ethereum (ETH) wallet addresses holding at least one wei has just reached a new all-time high of 99,355,406, data shows. ETH price has remained above $1,800, despite choppy markets.

The battle for supremacy between the bulls and bears continues. With the global crypto market capitalization still way below the $3 trillion mark reached in November 2021, on-chain metrics show strong investor confidence in ethereum.

Per Glassnode, ether (ETH) wallet addresses with non-zero balances have increased to a new all-time high (ATH) of 99,355,406, a strong indication that investors are hodling onto their coins for higher gains.

📈 #Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 99,355,406

View metric:https://t.co/beS1MtIgAZ pic.twitter.com/63wHd5RSE5

— glassnode alerts (@glassnodealerts) May 19, 2023

Since hitting an all-time high of $4,876 in November 2021, the price of ether has continued to slide, hitting a low of $881.56 last June. This latest on-chain metric suggests that even retail investors are holding onto their coins despite the dip.

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While the number of ethereum wallet addresses with at least the smallest unit of ETH (one wei) has increased, the case is different for ether whales, as the number of diamond hands holding 100+ ETH has hit a six-month low of 46,858.

📉 #Ethereum $ETH Balance on Exchanges just reached a 5-year low of 17,945,575.311 ETH

View metric:https://t.co/1dCpD2ey8E pic.twitter.com/pukWf10Mim

— glassnode alerts (@glassnodealerts) May 18, 2023

Though one can’t name the exact cause of this decline, it could result from increased staking activity and portfolio diversification by these whales, amongst other possible factors.

At the time of writing, ethereum is exchanging hands for $1,807.35, representing a 1% decline in the last 24 hours. The price of ethereum is down by 62.96% from its ATH of $4,878.26 reached in Nov. 2021.

Ethereum price | Source: CoinGecko

Ether has a market capitalization of $217,193,216,738, with a market cap dominance of 18.569%, while its 24-hour trading volume stands at $6,145,561,021, according to CoinGecko.

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