Ethereum has seen a jump in adoption in the past few weeks amid the boom of non-fungible tokens (NFTs) and increased demand for DeFi products.
Glassnode, a platform specialized in analyzing crypto markets and blockchain transactions, highlighted that the total number of Ethereum addresses with a non-zero balance touched an all-time high of 60.7 million last week.
The total number of ETH addresses with non-zero balances jumped from 35 million in January 2020 to over 60 million in August 2021.
The latest increase in Ethereum addresses with active balance came about a week after the increase in Ethereum trading activity.
In addition to the recent jump in Ethereum addresses with a non-zero balance, the total number of Bitcoin addresses with an active balance has increased dramatically in the past few weeks.
According to Glassnode, there are a total of 38 million Bitcoin addresses with a non-zero balance.
According to “Glassnode” in its report:
Growth in non-zero balances is a good sign for adoption, interest, accumulation, and intercourse.
Non-zero Bitcoin addresses continue to rise, after reaching more than 38 million addresses, and on the verge of reaching a new record.
The number of non-zero Ethereum addresses is also on a strong climb, reaching a new high of 60.7 million addresses.
Yesterday, the number of ETH deposited in the Ethereum 2.0 Depository Contracts exceeded 7.2 million ETH.
The total number of Ethereum network transactions has decreased in the past few days, but gas fees have risen sharply.
While the number of transactions and active addresses decreases, the amount of fees paid rises much higher.
This is likely due to the strong demand for NFT trading and investment.
The total transaction fee on the Ethereum network is currently around 10,000 ETH per day, which is a relatively high level.