By Shelly Melancon (Switzerland)
As global uncertainties hit new highs, the crypto and traditional markets are affected equally. Despite these uncertainties, Ethereum holders are not reducing.
An Increasing Number Of Active Addresses
Intotheblock data revealed that Ethereum is the first network with more than 70m active addresses. While many could argue that there are users with multiple addresses, the counterargument would be that exchanges also hold funds for several users. Hence, the approximation sort of balances out.
While this figure seems impressive, the Intotheblock data revealed that nearly 19m of these 70m addresses were added last year following the surging interest in NFTs and broader adoption of DeFi protocols. This figure means that at least 1.5m users were being added to the network monthly. Similarly, about 16m addresses were added to the ETH network in 2020.
Making The BTC Comparison
The Intotheblock data further revealed that its GIOM app remarked that the number of ETH addresses in a profit state is now higher than those in bitcoin. Despite the significant growth in the number of Dapps in terms of users and the price of their governance tokens, the development of the ETH network hasn’t dwindled in any way.
One crucial factor noted by the firm’s research is that long-term ETH holders are still unwilling to sell their digital assets despite the recent downtrend in the ETH market. Instead, many of them are increasing their holdings. The Intotheblock report defines long-term holders as those who have held their ETH coins for more than 12 months.
ETH balance per time held. Source: Intotheblock
As shown in the data above, long-term ETH holders (aka value investors) usually sell some of their holdings when ETH sets new peak prices, while they accumulate more (than they’ve sold) when ETH hits new lows or critical support levels. These value investors have added more than 3m ETH to their holdings since the beginning of this year.
Rakuten Launches NFT Trading Platform
Leading Japan-based e-com company, Rakuten, has revealed the launch of its NFT marketplace, Rakuten NFT. The firm revealed that it started making efforts to launch its NFT marketplace following the surging popularity and growth of NFTs last year. Part of the announcement also revealed that some IP owners would create their NFT store on the platform to issue and sell their NFTs.
Many analysts applauded this development as they agreed that Japan’s 126m population and popular pop culture would boost the growth and popularity of the NFT industry. Top crypto players started taking the NFT sector seriously following the spike in trade volumes and the adoption of these digital collectibles.
NFTs are not new to the Japan crypto space; the top local crypto exchange, Coincheck, launched its NFT platform in Q1 2021. Also, famous crypto advocate, Mai Fujimoto, announced a collaboration with Enjin (a top gaming firm) to launch an NFT charity program last July. The continued wider adoption of NFTs globally would positively impact the ETH community and its token price.
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