Recent on-chain reports show that Ethereum (ETH) has greatly surpassed Bitcoin (BTC) in a key metric, suggesting that the flagship cryptocurrency may not be as dominant as once thought. According to Santiment data, Ethereum’s holder count has exceeded Bitcoin’s by a staggering 320%, highlighting a surge in adoption and investor interest. With the market experiencing significant volatility, this rapid growth in ETH holders could signal renewed bullish momentum, potentially paving the way for Ethereum’s price to rise.
Ethereum Holders Exceed Bitcoin’s By 3.2x
The gap between Ethereum and other cryptocurrencies in the market is growing each day and becoming even more impossible to overlook. Santiment recently reported that Ethereum currently has more than three times Bitcoin’s user base, the world’s largest and most recognized cryptocurrency.
The market intelligence platform showed via a chart that the Ethereum network has recorded a whopping 189.49 million non-empty addresses for the first time in history, as of April 27. This amount completely dwarfs Bitcoin’s, which has just 59.08 million wallets with a balance.
In addition to Bitcoin, Ethereum’s holder count has surpassed those of XRP, Cardano, Dogecoin, and Chainlink. Furthermore, the holders on the ETH network have also overtaken two of the world’s largest stablecoins, USDT and USDC. This massive lead highlights Ethereum’s unique position in the crypto market and could strongly influence how investors perceive its value going forward.
Notably, the dramatic difference in holder count also shows growing adoption for Ethereum not just as a digital asset but as a platform for decentralized applications, smart contracts, and emerging sectors like DeFi and NFTs. The sheer scale of Ethereum’s network suggests that demand for its native token, ETH, may continue to rise as more users participate in the ecosystem. This demand could in turn exert upward pressure on its price, potentially pulling the cryptocurrency out of its current downtrend.
Analysts Project Major Rise In ETH Price
The price of Ethereum and Bitcoin is currently down as selling pressure increases. However, a crypto analyst on X believes that Ethereum’s price could soon go parabolic once it breaks out of a critical multi-year triangle pattern that has been developing since 2017.
The analyst described this pattern as a “Golden Triangle,” noting that once ETH breaks above the upper trendline of the formation, its price could rise sharply above $8,500 before pulling back and targeting much higher levels around $12,000 and possibly $48,000. Notably, this represents a rather ambitious forecast, given that Ethereum is currently trading near just $2,200.
Meanwhile, Ted Pillows, a well-known crypto expert, offers a more cautious, modest outlook on Ethereum. He noted that Ethereum has failed to hold onto the $2,400 level for the second time, and as a result, its price could continue to underperform the market. He attributed this bearishness to weakness in spot demand for the cryptocurrency.
However, Pillows predicts that if Ethereum can rise again and break above $2,400, that momentum could push the cryptocurrency toward $2,500 to $2,600. If it exceeds this level as well, the analyst projects a stronger run toward $3,200 to $3,900.
Featured image from iStock, chart from Tradingview.com
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