Ethereum’s active addresses overtook Bitcoin’s, for the first time

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Ether topped Bitcoin in the total number of transactions last week, for the first time. Ether saw more daily active addresses, that is, the number of active participants in the transfer of a cryptocurrency token. This includes both the sender and the recipient. The growing number of active Ether addresses is a sign of the token’s growing popularity, although Bitcoin addresses closed the gap fairly early on.

Santiment, a crypto analytics company, tweeted that Ether (the official currency of the Ethereum network and the second oldest major token that still exists) made history, surpassing Bitcoin for the first time in daily active addresses:

???? On a day when history was written with #Ethereum first surpassing #Bitcoin in daily active addresses, #altcoins came to play. $ KSM, $ COMP and $ ZIL were among the many plans to make a footprint in the markets, while $ BTC was around $ 34.5,000. https://t.co/cwjGvrLLeX pic.twitter.com/3AFQ0MHbcT

Santiment (@santimentfeed) June 29, 2021

The data on BitInfoCharts reveals more than what Santiment has published. To understand the magnitude of the decline in the number of active Bitcoin addresses, let’s sample these numbers. As of April 15, 2021, Bitcoin had a gargantuan 1.14 million active addresses. On June 27, it reached just over 462,800 addresses.

On those same dates, the price of Bitcoin in India fell from Rs. 47.2 lakh per Bitcoin (fairly close to its peak) to Rs. 23.9 lakh, according to historical data on Coinbase or near the lowest Bitcoin has was valued in 2021. It’s still higher than it was valued in the past, although the bullish rush at the start of the year seems to be behind us now.

Ether, on the other hand, had just over 751,000 addresses on April 15. By June 28, its number had grown to over 926,900 addresses while Bitcoin was at around 618,900 addresses. The decline in the number of active Bitcoin addresses could mean people are selling their digital assets at an all-time high.

The price of ether in INR peaked in May, later than Bitcoin, reaching Rs. 3.2 lakh per token on May 12 according to historical data from Coinbase. On April 15th, Ether was trading at Rs. 1.82 lakh, and went to Rs. 1.47 lakh on June 28th.

Now the only question many had in mind was whether Ethereum would keep the momentum going. Well the answer is no. On July 3, Bitcoin was in the lead again with around 823,287 active addresses for the approximately 683,608 Ethereum users.

On July 5, the largest cryptocurrency was trading at Rs 25 59,872 after its prices fell 2.17%. Ethereum, meanwhile, traded at Rs 169,245 after suffering a 0.21% hit in the past 24 hours. While Bitcoin’s current market cap is around $ 642.54 billion, almost three times that of Ethereum’s $ 265.38 billion.

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