How Layer 2 Is Primed To Solve Scalability Issues of Ethereum before the Launch of ETH 2.0
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According to the crypto analytics firm, intotheblock, the number of Ethereum addresses with a balance in ETH has surged to attain 46 million.

The increase has been notable despite the recent downturn in the price of cryptocurrencies in the market, which also hugely affected the second-largest cryptocurrency by market capitalization, Ethereum (ETH).

According to the report, the milestone implies that the number of Ethereum addresses significantly increased by 12 million in the space of 9 months.

Intotheblock added that 31.33 million of the addresses gained from their positions, which could be attributed to the positive effect of decentralized finance (DeFi).

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Intotheblock tweeted “Despite the recent ETH price drop, the network keeps growing. There are now 46 million addresses with a balance in ETH. Meaning that it has increased by a whopping 12 million in 9 months. From those addresses, 31.33 million are profiting from their positions. The DeFi effect?”

Ethereum (ETH) Balances on Exchanges Hits 6-Month Low; Wallets with Over 1,000 ETH Decline

On the contrary, another analytic firm, Glassnode shared in a series of tweets that major Ethereum on-chain fundamentals have seen huge drops. For instance, ETH balances on crypto exchanges and wallet balances have notably declined.

As indicated in the tweet shared by Glassnode, the balances of Ethereum (ETH) on cryptocurrency exchanges have dropped to a 6-month low, it now stands at 17,188,383.432 ETH.

Glassnode tweeted, “Ethereum ETH Balance on Exchanges (1d MA) just reached a 6-month low of 17,188,383.432 ETH Previous 6-month low of 17,194,714.099 ETH was observed on 07 September 2020.”

The recent significant price decline experienced by ETH has seemingly dissuaded many users from holding their ETH on crypto exchanges. Many users now prefer digital wallets, which obviously initiated Glassnode’s report.

Ethereum (ETH) Surges towards Retesting $400

Despite the huge drops, Ethereum (ETH) is still outperforming other top cryptocurrencies in the market, after the price resurgence recently experienced by the digital currency.

Ethereum now surges towards retesting $400 resistance level. At the time of filing this report, ETH is trading at $368.19, with a relatively 5% price uptrend in the last 24 hours.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.