Home Ethereum Ethereum's Active and Unique Addresses Overtake Bitcoin

Ethereum's Active and Unique Addresses Overtake Bitcoin

8 min read

Ethereum — the second-largest cryptocurrency by market cap — now claims more unique and active addresses than Bitcoin.

Effectively doubling in size since December 2017, the Ethereum network now hosts 35 million unique addresses — 100,000 new registrations being logged each day. According to its last-known position in March 2018, Bitcoin stands at 24 million (its blockchain explorer no longer provides this data).

Where these figures may impose, Ethereum’s growth stands in the shadow of its former self — the network welcoming more than 300,000 new addresses on several days during ETH’s January all-time high.

Ethereum Address Chart
Source: https://etherscan.io/chart/address

Tapering off alongside the opening of Q1’s bear market, the fervor for address creation can be seen to decline at the close of January. The overall growth trend, however, has not declined.

Unique Addresses: Telling the Whole Story?

Ethereum’s overtake may deal a sentimental blow to Bitcoin, yet it must be noted that these figures only represent the on-chain transactions. Users of a centralized exchange — Binance or Coinbase, for example — may avoid using addresses entirely and are not represented in this data.

Furthermore, 35 million unique addresses may not equate to 35 million active users — users of Ethereum may create and use multiple addresses for transacting or executing smart contracts.

Instead, active unique addresses and transactions per day may paint a more accurate picture of a blockchain’s true total number of users — denoting the number of wallets actually sending or receiving assets in any given day.

Yet using these yardsticks, Ethereum still takes the lead with 513,000 addresses to Bitcoin’s 443,000 actively in use (May 30, 2018) — and 832,000 transactions to 209,000 (May 31, 2018).

The Flippening?

These metrics may be fuel for proponents of ‘the Flippening’ — a cult-like internet community who believe Ethereum will dethrone Bitcoin as premier cryptocurrency by market capitalization.

BItcoin flippening
“The Flippening” is a meme in crypto culture for Ethereum overtaking BItcoin in market cap.

While mostly propagated by staunch backers of Ethereum, “the Flippening” may be losing its somewhat cult-like status and coming closer to becoming hegemonic thought. Roger Ver, for one, appears to believe such an event may be on the horizon.

Earlier this month, prominent early BTC investor and known Bitcoin Cash advocate told The Independent:

“Ethereum could overtake Bitcoin by the end of the year and bitcoin cash could do the same before 2020.”

Where speculation may fall on deaf ears, numbers speak volumes. While Ethereum’s market cap may constitute only 44.7% of Bitcoin’s $157 billion, it would appear to be outpacing the original blockchain in technological ambition.

Bitcoin, currently ranked #1 by market cap, is up 0.36% over the past 24 hours. BTC has a market cap of $129.66B with a 24 hour volume of $5.05B.

Chart by CryptoCompare

Bitcoin is up 0.36% over the past 24 hours.

Ethereum, currently ranked #2 by market cap, is up 1.91% over the past 24 hours. ETH has a market cap of $58.38B with a 24 hour volume of $2.04B.

Chart by CryptoCompare

Ethereum is up 1.91% over the past 24 hours.

Cover Photo by Luke Stackpoole on Unsplash

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Did you like this article? Join us.

Get blockchain news and crypto insights.

Join Us on Telegram


Jonnie Emsley

Jonnie Emsley is a freelance writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of Southeast Asia and emerging cryptocurrencies give him a buzz like none other.

View author profile

Follow the latest projects added to the ICO Database

We’re tracking 1064 projects from all around the globe.

Let’s block ads! (Why?)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Suze Orman: 'I love bitcoin' – Yahoo Finance

Bitcoin (BTC) fell practically 5% on Thursday amid a broader sell-off after Federal Reserv…