The fact that Bitcoin outperforms XRP (the Ripple cryptocurrency token) is here again – we can see that BTC has 140 times more daily active addresses. However, the dominant coin still has fewer addresses with a positive balance in them compared to Ethereum (ETH).
Analysis shared in the crypto news shows that Bitcoin (BTC) continues to lead the popularity contest among the top cryptocurrencies – but it has fewer addresses with actual coins compared to Ethereum. The data was compiled by the on-chain market analyst Glassnode, in which we can see that Bitcoin outperforms XRP and other tokens in the count of daily active addresses.
For instance, BTC has almost three times as many active addresses as Ethereum (ETH), 11 times more than Litecoin (LTC) and even 140 times more than Ripple (XRP). The visualization between the BTC and ETH daily active addresses can be seen below.
Also, we can see that as Bitcoin outperforms XRP in this manner, the number of new BTC addresses being created each day is almost five times the one of Ethereum (ETH). In fact, stats in the Bitcoin news show that new BTC addresses reached almost 470K in 24 hours, the day after the Bitcoin halving. This is in contrast to Ethereum increasing by only 90K new addresses daily.
Also, the number of addresses holding more than 0.1 BTC and more than 1 BTC reached ATHs of 3,053,970 and 815,698 respectively. We can see that in the chart below.
Previous ATH of 815,615.000 was observed on 19 May 2020
— glassnode alerts (@glassnodealerts) May 20, 2020
Still, even 95% of the total number of Bitcoin addresses in existence which is 626 million hold zero Bitcoin. This calls into question the state of the network’s true growth. After the 2017/2018 bull run for BTC, millions of addresses were emptied to zero on multiple occasions. However, the number of Ethereum addresses with a positive balance continued to grow at a steady rate.
Since February 2019, ETH has overtaken Bitcoin in the number of ‘non-zero’ addresses and now has almost 10 million more than Bitcoin. The need to keep addresses with small amounts of ETH for gas may account for some of this differences.
Finally, the number of active wallets to non-zero wallets on Bitcoin and Ethereum sits at 3% and 0.8%. This suggests that small hodlers and network users are still more inclined to invest in Ethereum while large hodlers and traders are more prone to investing in Bitcoin (BTC).
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