Bitcoin’s (BTC) bull run may be making headlines, but solid cryptocurrency isn’t the only coin showing strong positive indicators.
According to data from Glassnode Alerts, the number of Ether Wallet (ETH) addresses holding a minimum of 1 ETH hit a record high on November 19:
A previous ATH of 1170508 was observed earlier today
Show metric: https: //t.co/IuKpD48IXd pic.twitter.com/jOvadjvSgK
– glass knot alerts (@glassnodealerts) November 19, 2020
At press time, Ether is trading above $ 500, continuing a strong uptrend that started in early November.
It should be noted that individual users can create multiple wallet addresses, which means that the figure of 1.17 million does not necessarily correspond to 1: 1 with the number of users or entities.
Besides reflecting bullish sentiment in the market more generally, the high number of Ether holders could reflect two other factors. First, the popularity of decentralized finance, or DeFi, and associated tokens that use the Ethereum network. While many of these individual tokens have been beaten in value from their previous bull runs, the total dollar value stuck in DeFi remains at $ 14.05 billion at the time of publication.
On top of that, the current ETH 2.0 Phase O launch date is currently set for December 1, and Ethereum co-founder Vitalik Buterin has encouraged the community to expect major improvements on the technology front. network scaling and development.
As TBEN market analysts reported earlier today, the current price of Ether is a two-and-a-half-year high, bringing the coin to an overall outperformance of Bitcoin in 2020.