Ethereum: The Number of Wallets Reaches a Historical Milestone

The spectacular increase in the valuation of ether (ETH), the native crypto of Ethereum, is not the only positive momentum for the platform in recent months. According to the latest data, there has been a breakthrough in the total number of Ethereum wallets. Their number has reached an all-time high.

Ethereum now has 118,230 wallets

Ether, the second most important crypto in terms of market capitalization, has experienced a remarkable resurgence. After a period of turbulence earlier in the month marked by a 25% price drop between March 11 and March 19, the asset has surpassed the $3,600 mark.

In parallel with this resurgence, the Ethereum network has crossed a key milestone characterized by the increase in the total number of Ethereum addresses. These have reached the record figure of 118,230 wallets. An increase indicative of the enthusiasm of crypto investors.

This development comes as the crypto has shed some feathers in the last few hours. However, a recovery of the crypto’s momentum is not to be ruled out. At least that’s what the MVRV index indicates.

This index establishes a ratio between the market value and the realized value. Trends show that the MVRV index has plunged into negative territory for 30 days. A data point that suggests an undervaluation of ether while signaling a potential rise in the crypto.

Ethereum sees an all-time high of 118,230 wallets holding $ETH as the price bounces back above $3,600 along with the MVRV ratio suggesting further growth.#ETHhttps://t.co/MU0X7uUVYb

— Blockchain Reporter (@blockchainrptr) March 31, 2024

Ether on the rise, if historical trends continue

It should be noted that there is a historical correlation between the increase in the number of addresses holding ether and the MVRV index. A relationship that according to analysts suggests possibilities for the crypto to see its price explode.

In a chart shared by crypto data provider Santiment, the price trajectory of ether is notably described. This, with details on the total number of holders and the 30-day MVRV ratio.

The correlation suggests that the more addresses holding Ethereum there are, the lower the MVRV ratio becomes. In this case, there is a greater chance that the price of ether will increase, assuming, however, that historical models hold.

Currently, ether is trading around $3,590, after a valuation drop of 0.01% over the last 24 hours. A trend that is out of step with the dynamic crypto activity within the Ethereum ecosystem.

Please note that the number “118 230 wallets” has been translated as “118,230 wallets” in English, following the English language numerical formatting. If there are any specific terms or more contextual translations required for cryptocurrency, be sure to adapt accordingly.