According to Glassnode data, The number of Ethereum addresses with at least 0.1 ETH reached an all-time high this week. Now, over 6.8 million accounts have at least 0.1 ETH, worth $268 at writing..
Ethereum was extremely popular in the last year. Now people claim that it will overtake Bitcoin as the dominant cryptocurrency in the future. But there is a long way to go. At this time, the market capitalization of Bitcoin is twice that of Ethereum, and Ethereum is moving from a proof-of-work (PoW) model of mining, to a proof-of-stake (PoS) system called Ethereum 2.0, sometime this year.
Ethereum Cryptocurrency Hits All Time High
In 2021, Ethereum proved to be a pivotal year for the number of users holding over 0.1 ETH doubled to almost 7 million, as it saw the debut of non-fungible tokens (NFTs or ERC721s). The popularity of NFTs, which emerged into popular culture in 2021 and are now a new asset class, led to a considerable rise in the number of people who needed to hold ETH to buy NFTs. In addition, many other projects – including Solana – are making progress in the NFT market.
Finally, Ethereum’s rise was also helped by its popularity in the decentralized finance world. Decentralized finance is a one-size-fits-all term for peer-to-peer financial services that don’t rely on intermediaries. These financial services take place on public blockchains and are Ethereum based.
An NFT is a non-fungible token, which means that it’s unique and can’t be duplicated.
The term “fungible” refers to something that can be interchangeable with other instances of itself. For example, you could trade your car for someone else’s car without any problems because they’re both cars, so they have similar qualities. But if you traded your specific car for a different one, then it wouldn’t fit in with the rest of your collection anymore!
But if you traded your car for an NFT token, then each token would be different from all the others. That’s because each token represents something specific: like a rare animal or a piece of artwork. So when you buy an NFT token, you’re buying ownership over something unique—not just another piece of data stored on the blockchain.
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