Ethereum Has Set a New Record in 2020 in This Key Metric

In letter

  • 2020 was a big year for Ethereum.
  • In addition to price improvements, more ETH addresses were created this year than in any other.
  • There are now more Ethereum addresses than Bitcoin addresses.

Ethereum today hit its highest price since 2018. But the network is far more popular than it was two years ago, as a metric shows.

According to Glassnode, more Ethereum addresses took place at ETH this year than in any other year since Ethereum was launched in 2015.

Non-zero growth in Ethereum addresses. Image: glass knot

So far this year, the Ethereum network has added an additional 14,820,771 million Ethereum addresses that contain money, that is, wallets with non-zero balance. As of this writing, there are 49.6 million such wallets. That is an all time high.

Despite all its weaknesses (of which there are innumerable), 2020 was a far more successful year in bringing more people into the Ethereum herd than in the past two years, the period for which Ethereum really started.

That’s a 13% increase over the previous year when the network added 13,120,403 non-empty Ethereum addresses. And it’s a 5% increase from 2018 when it added 14,114,642.

And there are far more Ethereum addresses with non-zero balance than Bitcoin. As of this writing, there are 32.5 million Bitcoin addresses that have at least some Bitcoin addresses stored in them, well below Ethereum’s 49.7 million. Ethereum surpassed Bitcoin in May 2019.

Bitcoin addresses compared to Ethereum addresses. Image: glass knot

Of course, it should be noted that a single ETH address doesn’t correspond to a specific user – ETH addresses are very easy to create and don’t require identification – but it does suggest that more people are using Ethereum than in previous years.

Disclaimer of liability

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.