The most important aspect of any cryptocurrency is adoption. Many cryptocurrencies in the space have been trying hard to develop use cases around their native cryptos in order to push the adoption of the coin. Active addresses have played an active role in understanding the maximum number of potential blockchain users and according to a report by CoinMetrics, 2019 recorded an increased number of active addresses for most major crypto-assets, an indication of growing adoption.
According to the report, Bitcoin‘s active addresses rose by 116%, whereas Bitcoin Cash [BCCH] reported a rise of 90%. Ethereum appeared to struggle with garnering the attention of users in the market as its active addresses dipped by 11.05%, along with XRP, which noted a drop of almost 50%.
Even though one person can own multiple addresses, the number of active addresses with a balance of at least $10 increased for most major crypto-assets over 2019. While active addresses noted a rise for stablecoins, non-stablecoins like XTZ and Link saw over 100% gains. Bitcoin SV, however, noted a 600% increase in the number of active addresses.
“BTC and ETH both have significantly more addresses with a balance of at least $10 than all other major cryptoassets. ETH has nearly 2x as many as any other asset (besides BTC) and BTC has almost 4x as many as ETH.”
BTC took the lead in the number of addresses with a balance of at least $1 million, addresses which included institutions and institutional investors. BTC bookmarked 2019 with an average of 11,000 addresses with a balance of at least $1 million, while ETH recorded addresses over 11,800. According to the report, no other digital asset marked a number higher than 700.