Adoption: Ethereum addresses continues to surge, despite price struggles

As the top cryptocurrency, Bitcoin trades below the $9,000 price level, some digital currencies began showing weakness in prices, with the Ethereum crypto (ETH) barely rising today. Amidst the price struggle, however, the second-largest crypto still maintains a strong network strength. 

More adoption of Ethereum network 

A glance into the network activities showed that Ethereum addresses are currently in its bullish phase. In fact, Ethereum addresses have reached 40 million, according to the information shared on Monday by Glassnode, an on-chain digital currency market data provider.

The new figure accounts for the total addresses that hold at least one unit of the digital currency. As per Glassnode, the increased Ethereum addresses represents a 350 percent growth from the time Ethereum crypto reached its all-time high (ATH) in the past two years. 

Ethereum addresses with +10 ETH increases

Additionally, Glassnode indicated that Ethereum addresses that hold 10 ETH at least also see a huge increase and stable growth. The addresses now sum up to 274,913.000, which is another all-time high. 

The growth of Ethereum addresses with at least 10 ETH is quite surprising and indicates a steady adoption of the cryptocurrency. This is because the previous all-time high was recorded yesterday, May 24, at a total number of 274,755.000. 

Ether price update

The increasing addresses are probably considered as evidence of the Ethereum network’s adoption, growth, as well as usage. However, it is obvious that the growing activity within the Ethereum network is not being reflected in the price of the cryptocurrency, at least for the moment. 

ETH price will likely begin acting accordingly with time, as adoption Ethereum adoption continues to grow. 

At the time of writing, the cryptocurrency is trading at $203.72 on the price change of -3.07 percent, according to Coinmarketcap. The market capitalization is at $22,627,631,774, with a 24-hour volume of $12,183,729,576.