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Ethereum’s adoption over the past year grew despite the bear market condition and the collapse of several crypto firms, according to a Coingecko report.
Despite Bitcoin and the value of Ethereum falling by more than 60% in 2022, crypto investors are still making significant investments in signature digital currencies. Based on the , the number of addresses with $1,000 or more in crypto assets increased by 27% in 2022.
Over this period, addresses with 0.1 BTC (approximately $1,000) increased to 4.20 million at December 31 compared to 3.40 million registered on January 1. In contrast, addresses with 1 EPF (minimum value of $1,000) increased from $1.41 million to $1.73 million during the same period.
BTC and ETH Adoption Enjoyed More Growth in 2022’s Q4
Coingecko noted that the adoption rate of the top two digital assets grew to its highest level in the fourth quarter of the year, coinciding with when Sam Bankman-Fried’s crypto empire collapsed.
In the firm's opinion, while the 0.1 btc addresses increased on average by 7.3% each quarter, the adoption rate during the collapse of ftx jumped to 9.7%. simultaneously, The number of addresses held grew by an average of 7 per cent each quarter and jumped 10.4 per cent over this period.
Ethereum’s higher adoption rate was tied to the completion of its migrationproof-of-stake consensus mechanism in September.
Crypto sees the bull Beginning 2023.
Meanwhile, CTB and EPF seem to have shaken 2022's dismal performance, which has increased by more than 30% in the last month.
Over the past 30 days, the price performance of the two key digital assets has brought them back to their pre-FTX level of collapse. Bitcoin exchanged over $23,000, while ethereum increased over $1,600 for the first time since September 2022.
However, the run also spread to other digital assets like Aptos’ token, which surged to a new all-time high. Solana’s and FTX’s native token, FTT, were also major beneficiaries of the price bump. In addition, the crypto market's total capitalization for the industry picked up the $1 trillion mark in the middle of the bull race.
At the time of the press, BTC sold for $23,468, whereas ETH traded hands for $1613.
