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Ethereum has overtaken Bitcoin in terms of new active addresses since the start of 2020

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Ethereum has seen its number of active addresses explode by almost 150% since the beginning of the year. Their addresses are also vastly outperforming Bitcoin despite being 50% to date.

According to data provided by blockchain monitoring company Messari, the number of active Ethereum addresses to date has increased by 145%.

New active Ethereum and Bitcoin addresses. Source: Messari
New active Ethereum and Bitcoin addresses. Source: Messari

The graph illustrates a couple of significant overvoltages. The first occurred in the days after the price drop in mid-March. At that time, the ETH token, following the growing threat of the COVID-19 pandemic, plummeted to its annual low below $ 100.

The second massive increase occurred in early June. This can be attributed to the sudden rise in popularity of the decentralized financial sector. As Ethereum is the underlying technology behind the DeFi field, it has led investors to create more active directions to participate in the latest trend in the cryptocurrency market.

Additionally, the number of Ethereum addresses with more than 0.1 ETH reached a new all-time high in June. And, non-zero Ethereum addresses have shot up over 350% since January 2018, when the asset price was at its highest level of more than $ 1,400.

Bitcoin, on the other hand, has had a more modest performance, according to Messari data. However, despite having a much lower number of new active addresses, BTC has still increased by almost 50% since the start of the new decade.

Rates: ETH vs. BTC

Another measure that Ethereum has outperformed Bitcoin lately is the total volume of fees. How I know previously reported, this "rise" occurred in early June. Fees on the Ethereum network exploded at the time of several consecutive suspicious transactions taking place in a small South Korean cryptocurrency exchange, which transferred a total of 350.55 ETH but paid approximately $ 5.2 million in fees.

Although rates on the ETH blockchain have normalized after this unexpected spike, their volume is still higher than Bitcoin's, as Glassnode data shows. On July 8 alone, for example, the total volume fee on Ethereum amounted to $ 875k, while the metric for BTC stated $ 445k.

Total fee volume in Ethereum and Bitcoin. Source: Glassnode
Total fee volume in Ethereum and Bitcoin. Source: Glassnode



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