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Summary:
- The number of Ethereum addresses they hold between $ 1 and $ 10 is currently 15 million
- This is almost twice that of Bitcoin which holds a similar amount
- Ethereum continues to be a favorite for those transacting on the blockchain
- Ethereum also dominated trending topics after ETH broke the $ 400
The number of Ethereum (ETH) addresses they hold between $ 1 and $ 10 has reached 15 million. This number is nearly double the value of 7.55 million Bitcoin addresses holding a similar amount. Ethereum eclipsing Bitcoin in this metric was captured by the Coinmetrics team via the following tweet and accompanying chart demonstrating this fact.
There are nearly 15 million ETH addresses holding between $ 1 and $ 10 compared to roughly 7.55 million BTC.
More info in this week’s Network Status: https: //t.co/tgdY2WnXgg pic.twitter.com/79qJtPtunm
– CoinMetrics.io (@coinmetrics) 20 October 2020
Ethereum continues to be the favorite for Blockchain transactions
This ETH data from Coinmetrics echoes another Ethereum analysis on its way to being the first blockchain to liquidate $ 1 trillion in a year. A large number of Etheruem addresses with an ETH balance between $ 1 and $ 10 means that crypto users find it more convenient to transact on the ETH network than Bitcoin’s. This despite the prospect of high ETH gas tariffs caused by network congestion.
Ethereum Breaking $ 400 has been a trending topic
Last week was also eventful due to news of PayPal offering crypto services and news of the company considering the acquisition of several crypto companies including BitGo. As a result, PayPal was a major cryptocurrency topic this week.
Also on the list of trending topics, Ethereum has surpassed $ 400 and the possibility of ETH continuing to gain value in the cryptocurrency markets.
The aforementioned crypto trending topics have been captured by the Santiment team as shown below.
The best trends of the last day #crypto topics included:
💵 #PayPal potentially acquiring #BitGo
📈 $ ETH breaks $ 400 and beyond with positive sentiment
🇺🇸 #Biden is #Briscola final debate
💪 $ BTC dominancehttps: //t.co/WxyaYAaMBx pic.twitter.com/drRa39SEjo– Santiment (@santimentfeed) 24 October 2020
Can Ethereum Break $ 500?
With the known fact that PayPal is going deep into digital assets, the next big question is whether Ethereum will successfully break through the different resistance levels leading up to $ 500. These resistance levels can be found at $ 420, $ 450 and $. 490.
At the time of writing, all eyes are currently on two events with respect to Ethereum’s future value: the launch of ETH2.0 in November and the US elections in November as well. Bitcoin’s stability depends on the latter event, and a continuation of its current $ 14k rally could provide the fuel Ethereum needs to retest the $ 500 test.
As with all Ethereum analysis, traders and investors are advised to enter adequate stop losses and use low leverage when trading Ethereum on various derivative platforms.
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