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- The combined number of Ethereum and Bitcoin addresses is over 150 million.
- The number of active ETH addresses is increasing, while that of BTC is decreasing.
Addresses on Layer 1 networks have shown clear stacking patterns over the past 30 days. This phenomenon is especially notable given the different levels of activity observed within each network during this period.
Given the total number of addresses in these networks, what is the trend of active addresses?
Which Network Leads the L1 Address Race?
A recent message from InTheBlok highlighted the number of addresses on six leading Layer 1 (L1) networks.
The data showed that Ethereum led the way with the highest number of addresses over the past 30 days, with approximately 103 million. Bitcoin followed Ethereum, with approximately 51 million addresses.
Litecoin and Avalanche took third and fourth positions with 7.7 million and 6.3 million addresses respectively. Dogecoin and Cardano rounded out the top six with approximately 5.3 million and 4.4 million addresses, respectively.
Compare Ethereum and Bitcoin
According to the IntoTheBlock chart, Ethereum took the top spot with the highest number of addresses in the past 30 days, while Bitcoin claimed the second spot.
An analysis of the active addresses on both networks, performed on Santiment, showed several patterns.
In the case of Ethereum, the analysis showed a consistent increase in active addresses over the past 30 days. As of November 28, the number of active addresses was approximately 5.6 million.
Interestingly, a notable increase occurred at least twice a week, resulting in an additional 10,000 active addresses. At the time of writing this article, the network’s active addresses had risen to approximately 6.1 million.
Source: Santiment
Bitcoin, on the other hand, showed a different trend, with more daily active addresses but a declining pattern. The graph showed a clear downward movement, which meant a decrease in the number of active addresses.
As of November 28, the number of addresses on the Bitcoin network was approximately 20 million. However, the latest data shows that the number of active addresses has dropped to around 17 million.
Source Santiment
Bitcoin and Ethereum are seeing similar price developments
A study of the recent price movements of Bitcoin and Ethereum showed similar patterns over the past 48 hours. Ethereum’s daily timeframe chart saw a drop of over 1.7% on December 26, trading around $2,231.
At the time of writing, the price had fallen further to around $2,221, reflecting another decline, albeit less than 1%.
Source: trading view
Read Ethereum (ETH) price forecast 2023-24
Similarly, Bitcoin experienced a decline of 2.67% on December 26, with its trading value reaching approximately $42,583.
At the time of writing, the downtrend continued, but was less than 1% and trading around $42,360.
Source: trading view