At the time of writing this article, Ether trades at more than $500, continuing with the strong rally that began at the start of November. Notably, there is no restriction on the creation several wallet addresses, implying that the figure of 1.17 million does not necessarily mean that there are 1.17 million users or investors in Ether.
Along with the reflection of broad based bullish sentiment in the market, those who own large number of Ether highlight two developments. To begin with, the rising prominence of decentralized finance and related tokens that is mostly hosted on the Ethereum network.
Even though the price of several of these individual tokens have taken a dip in comparison to their previous bull runs, the aggregate dollar value frozen in DeFi remains robust at $14.04 billion.
Furthermore, the implementation of Ethereum 2.0 Phase 0 protocol has been scheduled for December 1. In this regard, Vitalik Buterin, co-founder of Ethereum has turned the overall sentiment towards Ethereum as positive by stating that they can anticipate key updates on scaling and enhancement of network soon.
? #Ethereum $ETH Number of Addresses Holding 1+ coins just reached an ATH of 1,170,598
Previous ATH of 1,170,508 was observed earlier today
View metric:https://t.co/IuKpD48IXd pic.twitter.com/jOvadjvSgK
— glassnode alerts (@glassnodealerts) November 19, 2020
Ether is currently trading at a two-and-a-half-year high, making it one of the coins which have outperformed Bitcoin in 2020.