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Home Cryptocurrency news Ethereum

DeFi Effect: Ethereum Network Grows 25% In 2020, Most Addresses Profitable

Tony Spilotro by Tony Spilotro
6 months ago
in Ethereum, Blockchain, Technical analysis
Reading Time: 3min read
ethereum defi crypto altcoin ethusd
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Ethereum has had a remarkable year thanks to the DeFi explosion. Not since the ICO boom has the crypto asset seen this much demand, development, and network activity. And despite the recent plunge in Ethereum price, addresses have only grown, reaching a new all-time high and growing over 25% in 2020 alone.

Here’s why Ethereum has experienced such unstoppable growth, and why it is likely sustainable for the long-term, unlike the fallout from the initial coin offering fundraising phase.

Ethereum Takes 2020 By Storm, Tops Crypto Market In YTD Returns

The second-ranked cryptocurrency had this year saw development activity soar, and along with it, the asset’s prices. Negative sentiment in 2019 kept Ethereum and other alts from reaching the same highs Bitcoin did.

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But this year, its been the other way around. Altcoins have easily outperformed Bitcoin. In 2020 alone, Bitcoin was up over 60% making it among the most successful mainstream investments. However, elsewhere in the crypto market altcoins like Ethereum beat out Bitcoin by a wide margin.

Related Reading | Eerie Bitcoin Fractal Suggests Ethereum’s Price Is About To Explode Higher

From low to high in 2020, Ethereum had peaked at as much as 275% ROI on the year. The leading cryptocurrency by market cap came nowhere close with less than four times that return.

Ethereum’s price could be in for a much longer, extended rally also. A fractal matching early Bitcoin shows demand for the asset rising and an important flip in support and resistance taking place. After that, the top crypto asset reached $20,000 per token. And while Ethereum may not reach such highs, prices won’t be this low for much longer.

ethusd ethereum

ETHUSD Daily 2020 Year-to-Date ROI | Source: TradingView

Is It Only DeFi Behind The Altcoin’s Unstoppable Growth?

There’s no need to deep dive into what’s driving Ethereum’s substantial growth. The year of 2020 in crypto has been all about decentralized finance and its impact on the future of the industry.

These tokens, are almost entirely built on Ethereum as ERC-20 tokens and utilize the platform’s smart contracts to provide holders with certain benefits. Crypto lending, yield farming, and other creative ways to make cash quick have emerged.

Related Reading | Why Soaring Gas Fees Won’t Let An Ethereum Killer Gain The Upper Hand

At the center of it all, is Ethereum. Development on the platform has exploded, and hundreds of new users have been onboarded as a result. This has led to a 25% increase in addresses since the start of 2020, suggesting that the underlying network itself is extremely healthy.

ethereum network addresses

The total of new ETH addresses has reached 12 million this year alone, bringing the total to over 46 million and a new all-time high. Interestingly, over 31 million of these addresses are sitting in profit.

The DeFi trend may have caused ETH gas fees to rise to ridiculous pricing, but it shows that demand is high for the cryptocurrency. The asset has been referred to as the “hottest night club in town” that everyone wants to get in. And by the growth of these addresses, more and more people are lining up

Tags: altcoincryptoDeFiETHethbtcEtherethereumethusdETHUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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