Ethereum’s native token, Ether (ETH), has dipped by 48% year-over-year, trading around $1,600 last week. But besides a huge price correction, the world`s second most-valuable crypto has also seen a plunge in the number of active addresses.
According to data presented by Bitcoin Casinos, the number of active addresses that either bought or sold Ethereum plunged by 1.1 million year-over-year, falling to 5.75 million last week.
Small ETH Investors Lose Ground
The crypto analytics platform, Glassnode, showed Ethereum’s price dip was more attractive to investors searching for a bigger investment chunk.
In January last year, the number of unique addresses holding more than or equal to 0.1 ETH hit 6.4 million. Ethereum’s price stood at around $3,250 at that time. Since then, the number of Ethereum wallets with balances of at least 1 ETH dropped to 5.1 million, while the price of the cryptocurrency fell by 48% to $1,600.
On the other hand, the number of Ethereum addresses holding at least 1 ETH has jumped from 1.35 million to 1.73 million in this period.
The Glassnode data show there are now around 351,800 investors with at least 10 ETH in their wallets, worth $16,300, or 26% more than in the same month a year ago.
Another 6,570 hold 1,000 ETH in their portfolio, up from 6,282 in January 2022. Statistics also show only 1,206 addresses have an impressive 10,000 ETH in their balance, 50 more than a year ago.
Almost $165B Wiped off Ethereum’s Market Cap in a Year
Although Ethereum has seen a considerable increase in the number of big investors, the world’s second most valuable crypto lost tens of billions of dollars in value amid the crypto winter.
In January last year, Ethereum’s market cap stood at over $375bn, according to CoinMarketCap data. Over the next six months, this value more than halved to 2022’s low of $126bn. By November, the combined value of all ETH coins jumped over $200bn again but dropped to $138bn the next month.
Statistics show Ethereum’s market cap significantly increased since then, reaching $201bn last week, but this still shows a massive $165bn drop year-over-year.
