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More Reasons To Support Ethereum (ETH) Turning Crypto-King

Only when moving, one can comfortably maintain one’s balance.

reportedly; Albert Einstein

The above saying that compares riding a bicycle with a successful living can be found very relatable to everything in general. And so to our beloved crypto-verse too. As cryptocurrencies have a similar in-the-core goal of making life easier in various aspects, only then ones that actually maintain the development process and improvement itself path will be appreciated sooner or later for being here.

With that in mind, many experts do feel very comfortable of setting as a real possibility the event of Flippening. The event in which Ethereum finally achieves the first place by market capitalization in the digital currency world.

Ethereum (ETH) Blockchain

Ethereum (ETH), the second-ranked cryptocurrency has now overtaken Bitcoin (BTC) based on the number of unique addresses. While this stat doesn’t in itself tell the full story, another surprising statistic has emerged. Ethereum has for the first time surpassed Bitcoin in the number of active addresses.

The 35 million unique ETH addresses are representing 100% increase since end of 2017. The second-ranked crypto based on market cap is reportedly adding an average of 100,000 addresses per day.

Keeping in mind that ETH wallets re-use addresses while BTC wallets do not, normally there should be fewer active ETH addresses/unit. However, the fact that numbers are showing that ETH has almost 100k more active addresses than BTC, we can conclude that there is more crypto activity around Ethereum.

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Despite the fact that the leader of the cryptocurrency rank by market capitalization is around for a very long time, the clear winner when it comes to finding use in the place is Ethereum.

For Bitcoin, there is room left only for 100k more transactions, but Ethereum’s reach is at 600k for what it is now, which number can go at 1 mil with a couple of improvements that have taken place lately.

Winner

“I’m most bullish about Ethereum simply because people are actually building on it,”

These are the words of Alexis Ohanian – the co-founder of the much loved social news aggregator Reddit that simplify the beginning of this article.

Alexis Ohanian is pointing towards Ethereum for those that want to be part of the winner zone while recommending to look past Bitcoin [BTC] which is leading the crypto-list by market capitalization.

The main reason that Ohanian is favoring Ethereum over Bitcoin is the flexible-environment for application development that the former one delivers against the blockchain platform of the latter one.

According to the entrepreneur, the technology that even governments do find an attraction, blockchain needs one or two years to reach its peak.

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Ethereum Surpasses Bitcoin in Number of Active Addresses

Ethereum (ETH), the second-ranked cryptocurrency has now overtaken Bitcoin (BTC) based on the number of unique addresses. While this stat doesn’t in itself tell the full story, another surprising statistic has emerged. Ethereum has for the first time surpassed Bitcoin in the number of active addresses. With some experts believes that the so-called “flippening” is at hand, this news might be a precursor to the event.

35 Million Unique Ethereum Addresses

According to the figures on Etherscan, there are now 35 million unique ETH addresses. This figure represents a 100 percent increase since December 2017. The second-ranked crypto based on market cap is reportedly adding an average of 100,000 addresses per day. A comparison with Bitcoin is no longer possible since the main blockchain explorer doesn’t provide data on unique addresses anymore. However, the last known figures for Bitcoin addresses was 24 million in March. At the time, Ethereum’s figures stood at 31 million, a difference of 7 million.

It is important to note that 35 million addresses don’t mean that there are 35 million ETH users. One person can have more than one cryptocurrency address. Also, smart contracts also count as addresses in ETH. However, Coinbase does list 20 million users, and the FSA of Japan says there are 3.5 million users in Japan. Adding figures from South Korea, the total number of ETH users might not be too far away from 35 million. One thing though is sure, Ethereum now has more active addresses than Bitcoin. There are 550,000 active ETH addresses as against 472,000 BTC addresses.

Analyzing the Figures

The fact that there are more active Ethereum addresses than active Bitcoin addresses is particularly significant. The default setting for ETH wallets is that addresses are re-used all the time. However, for BTC wallets, each incoming transaction uses a different address. The reason for this on Bitcoin wallets is to avoid address re-use. Consequently, there should be fewer active Ethereum addresses per unit of activity when compared to Bitcoin since addresses are being re-used. Thus, for ETH to outstrip BTC based on active addresses, it means that Ethereum is seeing more crypto activity than Bitcoin. Also, the variance in activity between the two cryptocurrencies is even more substantial than the 78,000 difference as shown in the figures above.

While ETH might have overtaken BTC in the number of active addresses, the number of active users for both cryptos still shows the nascent nature of digital currencies. Despite the significant attention on blockchain and cryptocurrencies, everyday use is still miles away from levels when it could be said that cryptos have fully gone mainstream. However, when compared to activity levels on the internet in the early 90s and 2000s, cryptos appear to be following a similar trajectory. Before the birth of social media and powerful search engines, the internet wasn’t exactly mainstream. If cryptos follow the trend set by the likes of Facebook and Google, then the future might be dominated by the internet of value.

With Ethereum addresses surpassing Bitcoin addresses, does it mean that the flippening; the point where ETH upstages BTC, is at hand? Keep the conversation going in the comment section below.

Images courtesy of Etherscan, Medium (Chris McCann).