On-chain analytics firm Santiment has shared the data about how Bitcoin, Ethereum, and other top coins compare in Total Amount of Holders.
Ethereum Beats Bitcoin, Dogecoin, & Others In Total Amount Of Holders
In a new post on X, Santiment has talked about where the Total Amount of Holders indicator stands for Bitcoin, Dogecoin, and other coins in the cryptocurrency sector today. This metric measures, as its name suggests, the total number of addresses carrying a non-empty balance on a given network.
When the value of this indicator rises, it can be a sign that new investors are joining the blockchain and/or old investors who sold earlier are making a return. The trend can also arise from existing holders creating multiple wallets for accounting or privacy purposes.
In general, all of these factors can be assumed to simultaneously be in action whenever the Total Amount of Holders registers an increase. As such, some net adoption of the cryptocurrency can be considered to have occurred.
On the other hand, the metric going down implies some investors have cleaned out their wallet balances, potentially because they have decided to exit the blockchain.
Now, here is the chart shared by Santiment that shows the trend in the Total Amount of Holders for eight different cryptocurrencies:
As displayed in the above graph, Ethereum is the most dominant cryptocurrency in terms of the Total Amount of Holders, with the metric sitting at 167.96 million. Bitcoin, the next largest network, only hosts a userbase that’s a third of ETH’s (about 57.62 million addresses).
Ethereum’s dominance could be down to the fact that the blockchain hosts a vibrant ecosystem of layer two blockchains and decentralized finance (DeFi) applications, made possible by its smart-contracts system.
The gulf between Bitcoin and third place is again massive, with the stablecoin USDT having 9.63 million non-empty wallets. From USDT on, however, the altcoins are much closer to each other.
Dogecoin and XRP are the cryptocurrencies with the fourth and fifth largest holder counts on the list with the indicator having a value of 8.13 million and 7.41 million, respectively.
From the chart, it’s visible that while Bitcoin has seen a more or less flat trajectory in the Total Amount of Holders during the last year, Ethereum has only been witnessing growth, extending its lead.
The adoption trend for ETH is also visible from another indicator shared by the analytics firm, known as the Network Growth. This metric keeps track of the new addresses appearing on the blockchain.
As is apparent from the chart, the Ethereum Network Growth has spiked recently. “The #2 market cap is seeing an average of 163K new addresses per day, compared to 124K in July,” noted Santiment.
BTC Price
At the time of writing, Bitcoin is trading around $87,500, down 2% over the last week.
