Ethereum Holders Hit All-Time High Of 68M, But Gas Fees Remain A Hindrance

The number of Ethereum ETH/USD holders has continued to grow, despite the second-largest cryptocurrency trading 35% below its all-time high.

What Happened: On-chain data shows the number of Ethereum addresses has grown to an all-time high of 68.3 million.

According to data from IntoTheBlock, the number of ETH transactions has also been on the rise, with the number of daily transactions at an average of 1.2 million.

The number of $ETH holders continues to grow as it reached 68.34 million addresses, a new all-time high.

While the price of #Ethereum is still below the ath, the number of transactions remains near its highs with an increasing number of holders, reflecting the increasing demand. pic.twitter.com/AERkYip3bx

— IntoTheBlock (@intotheblock) January 17, 2022

The number of daily transactions hit a peak of 1.7 million in May 2021 when the digital asset first crossed the $4,000 mark.

Although several factors suggest that demand for the leading altcoin continues to rise, Ethereum’s price has been on a downward trajectory since its all-time high of $4,800 in November 2021.

As of Tuesday morning, ETH was trading at a price of $3,140.98, down 3.90% in the last 24 hours.

See Also: Bitcoin, Ethereum, Dogecoin Fail To Impress: Can Accumulation By Small Fishes Compensate For The Missing Whale Action?

A major pain point for the network’s adoption continues to be the average gas fee that is known to be exceptionally high. As of Tuesday, the average transaction fee for a single token swap on Ethereum-based decentralized exchange Uniswap UNI/USD was $80.

Ethereum co-founder Vitalik Buterin himself addressed the network’s issues with scalability in its current state. In a recent interview, Buterin said that Ethereum today is not ready for direct mass adoption.