How Bitcoin, Ethereum manage to dominate the L1 networks

Journalist

Posted: December 27, 2023

• The combined number of Ethereum and Bitcoin addresses is over 150 million.
• The number of ETH active addresses is increasing while that of BTC is decreasing.

Addresses on Layer 1 networks have exhibited distinct stacking patterns over the past 30 days. This phenomenon is particularly notable considering the varying levels of activity observed within each network during this period.

Given the overall count of addresses across these networks, what is the trend of active addresses?

Which network leads the L1 address race?

A recent post by IntoTheBlock highlighted the number of addresses on six leading Layer 1 (L1) networks.

The data showed that Ethereum led the pack with the highest number of addresses in the last 30 days, with around 103 million. Following Ethereum was Bitcoin, with around 51 million addresses.

Litecoin and Avalanche secured the third and fourth positions with 7.7 million and 6.3 million addresses, respectively. Dogecoin and Cardano rounded out the top six with about 5.3 million and 4.4 million addresses, respectively.

Comparing Ethereum and Bitcoin 

According to the IntoTheBlock chart, Ethereum secured the top position with the highest number of addresses in the last 30 days, while Bitcoin claimed the second spot.

An analysis of the active addresses on both networks conducted on Santiment showed different patterns.

In the case of Ethereum, the analysis showed a consistent increase in active addresses over the last 30 days. As of 28th November, the number of active addresses was around 5.6 million.

Notably, a noteworthy increase occurred at least twice a week, resulting in an additional 10,000 active addresses. At the time of this writing, the network’s active addresses had risen to around 6.1 million.

Source: Santiment

In contrast, Bitcoin exhibited a different trend, with more daily active addresses but a declining pattern. The chart showed a clear downward movement, signifying a decline in active addresses.

On 28th November, the number of addresses on the Bitcoin network was around 20 million. However, the latest data revealed a decrease in active addresses to about 17 million.

Source Santiment

Bitcoin and Ethereum see similar price trends

An examination of the recent price trends of Bitcoin and Ethereum showed similar patterns over the past 48 hours. On the Ethereum daily timeframe chart, a decline of over 1.7% was observed on 26th December, trading at around $2,231.

As of this writing, it had further decreased to about $2,221, reflecting another decline, albeit less than 1%.

Source: Trading View

 Read Ethereum (ETH) Price Prediction 2023-24

Similarly, Bitcoin experienced a 2.67% decline on December 26, with its trading value reaching around $42,583.

As of this writing, the downward trend continued, but it was less than 1%, trading at around $42,360. 

Source: Trading View