The cryptocurrency industry offers many statistics that are often overlooked. When it comes to the overall growth of new and active wallet addresses, it would appear things are far more interesting than initially assumed. This is particularly true as far as Ethereum Classic is concerned.
The Growth of Cryptocurrencies
There are multiple ways to determine the popularity and ongoing growth of different cryptocurrencies. One way of gauging the truth is by looking at the number of current active addresses. An active address represents a wallet ID for a specific cryptocurrency that has moved funds in recent times. This includes both the sending and receiving of money.
Statistics provided by CoinMetrics tell an interesting tale. It shows how some networks note very little to no growth at all, whereas others continue to push the boundaries in a positive manner. Not too many people will be surprised Bitcoin is still the most popular cryptocurrency as far as active addresses are concerned. Interestingly enough, the number of active Bitcoin addresses has been on the decline.
Many people see that as a sign of more users shifting to altcoins. There has been talk about an “altcoin season” for some time now, but it has not yet materialized. In fact, many people doubt the year 2019 will see much altcoin action at all. Judging by the number of active addresses, the past few months have not shown much action where most altcoins are concerned.
Ethereum Classic Stands out
It has been a relatively quiet year for Ethereum Classic. The forked version of Ethereum has always been contentious for many different reasons. Even so, it has its own dedicated investment fund courtesy of Grayscale Investments. Many people expected that development to create more interest in ETC, albeit that is not necessarily the case.
What is remarkable, however, is the rate at which the number active addresses continues to grow. Over the past two months, Ethereum Classic has noted significant growth in that department. It is behind only Bitcoin, which is fairly normal in the cryptocurrency industry.
With over 479,000 active Ethereum Classic addresses in circulation, there appears to be some momentum brewing. This is more than twice the number of active Ethereum addresses recorded today.
No other cryptocurrency – other than Bitcoin – comes even close to rivaling Ethereum Classic in this department. It makes one wonder how the cryptocurrency world truly works, but that is part of this industry’s appeal.
Interestingly enough, this growth has no real effect on the Ethereum Classic price. Despite hitting all-time highs of over $20 at one point, ETC is now down to under $4. Its overall trading volume remains rather high, indicating the number of active addresses is correct. How all of this will affect the growth of Ethereum Classic, is very difficult to predict.