Summary:
- The number of Ethereum addresses holding between $1 and $10 currently stands at 15 million
- This is almost two times higher than those of Bitcoin holding a similar amount
- Ethereum continues to be the favorite for those transacting on the blockchain
- Ethereum has also dominated trending topics after ETH broke $400
The number of Ethereum (ETH) addresses holding between $1 and $10 has hit a cool 15 million. This number is almost twice the value of Bitcoin addresses of 7.55 million holding a similar amount. Ethereum eclipsing Bitcoin in this metric was captured by the team at Coinmetrics via the following tweet and accompanying chart demonstrating this fact.
There are close to 15M ETH addresses holding between $1 and $10 compared to about 7.55M for BTC.
Read more in this week's State of the Network:https://t.co/tgdY2WnXgg pic.twitter.com/79qJtPtunm
— CoinMetrics.io (@coinmetrics) October 20, 2020
Ethereum Continues to be the Favorite for Blockchain Transactions
This data from Coinmetrics regarding ETH echoes another analysis of Ethereum being on track to being the first blockchain to settle $1 Trillion in a year. A high number of Etheruem addresses with an ETH balance between $1 and $10 means that crypto-users find it more convenient to transact on the ETH network compared to that of Bitcoin. This is despite the prospect of high ETH gas fees brought about by network congestion.
Ethereum Breaking $400 Was a Top Trending Topic
This past week has also been eventful due to the news of PayPal offering crypto services as well as news of the company considering the acquisition of several crypto companies including BitGo. As a result, PayPal has been a top trending crypto topic this week.
Also in the list of trending topics, was Ethereum breaking $400 and the possibility of ETH continuing to gain value in the crypto markets.
The aforementioned crypto trending topics were captured by the team at Santiment as seen below.
The past day's top trending #crypto topics included:
#PayPal potentially acquiring #BitGo
$ETH breaks $400 and beyond w/positive sentiment
#Biden and #Trump final debate
$BTC dominancehttps://t.co/WxyaYAaMBx pic.twitter.com/drRa39SEjo
— Santiment (@santimentfeed) October 24, 2020
Can Ethereum Break $500?
With the known fact that PayPal is getting neck-deep into digital assets, the next big question is whether Ethereum will successfully break the several resistance levels leading up to $500. These resistance levels can be found at $420, $450 and $490.
At the time of writing, all eyes are currently on two events with respect to the future value of Ethereum: the launch of ETH2.0 in November and the US elections also in November. Bitcoin’s stability depends on the latter event and a continuation of its current rally to $14k could provide the necessary fuel for Ethereum to retest $500.
As with all analyses of Ethereum, traders and investors are advised to place adequate stop losses and use low leverage when trading Ethereum on the various derivatives platforms.