Ethereum , which suffered from consecutive drops in the cryptocurrency market in May , is trying to recover with the rest of the market. ETH, which broke a record with $ 4,362 on May 12, fell by 60% in just 11 days to $ 1,739 on May 23. The world’s largest altcoin is trading at $ 2,600, up 10% daily at the time of writing this news.
The number of addresses holding 100+ ETH fell to the lowest level in the last three years
Glassnode shared some ETH wallet data today, while volatility markets, which have been at a level that has not been seen for months, have taken hold. According to the report, the number of Ethereum holding addresses over 100 fell to the lowest level of the last three years with 42,837. The drop in the number of Ethereum addresses with 100+ ETH parallels the sharp drop on the market day.
ETH, which is in the recovery phase after the decline, is trading at $ 2,622, rising more than 10% daily at the time of writing.
“The benefit of Ethereum is more than Bitcoin”
Todd Morley, co-founder of the global investment and financial services firm Guggenheim Partners, announced that he puts ETH ahead when comparing Bitcoin with Ethereum. Speaking to Bloomberg, Morley argued that Ethereum’s functionality and architecture are much stronger, especially when considering the networks that power the two cryptocurrencies.
Underlining that especially smart contracts are a very different factor for Ethereum, Morley stated that Ethereum has increased more than 20 times in six years by taking power from application developers and said that they are working to create the largest NFT museum in the world.