Ethereum Will Soon Have 100 Million Addresses With Non-Zero Balance – What This Milestone Means for ETH Price

cryptonews.com:

The number of Ethereum addresses holding a non-zero balance hit a new record high on Monday of 92.5 million. 2022’s bear market, which culminated in the collapse of one of the world’s former largest cryptocurrency exchanges in November, does not appear to have impacted growth in the number of non-zero balance addresses.

Some analysts view the number of Ethereum addresses holding a non-zero balance as a proxy for the second-largest cryptocurrency by market capitalization’s broader “adoption”. Viewed through that lense, the continued, seemingly unstoppable rise of the number of non-zero balance Ethereum addresses can be interpreted as a long-term bullish sign for the ETH cryptocurrency.

Over the last three years, Ethereum has added about 20 million addresses holding a non-zero balance per year. Back of the fag box calculation thus implies that, with only around 7.5 million to go, the 100 million address mark will probably be hit sometime in Q2 2023.

This will undoubtedly be big news. Cryptocurrency markets are notoriously fickle when it comes to responding to market narratives. Traders shouldn’t be too surprised to see ETH get a boost in the run-up/immediate aftermath of the 100 million non-zero address mark getting hit amid all the hype and positive press the accomplishment will likely attract.

Growth in the number of non-zero balance Ethereum is viewed by some as an overly crude metric - each new non-zero address doesn’t necessarily mean a new Ethereum user. Luckily for the Ethereum bulls, there are a long list of other metrics that also point to strong continued network growth.

A recently released report from blockchain software development company Alchemy, the number of smart contracts deployed on the Ethereum mainnet grew