A key metric suggests that Ethereum (ETH) has enjoyed a much faster adoption and growth rate in the first five years of existence than Bitcoin (BTC).
Comparing the total number of addresses after n days for Bitcoin and Ethereum. Source: Cointelegraph, Glassnode, Etherscan.
We compared the total number of addresses created in the first five years on the two main blockchain networks. While the number of addresses might be a good indicator of rate adoption, it may not be perfect for several reasons. One reason is that the accounting systems on the two networks are different.
Total number of addresses in the first five years of existence Ethereum versus Bitcoin. Source: Cointelegraph, Glassnode, Etherscan.
In the first 600 days, the growth rate for both networks is quite similar. In mid-2017, however, the Ethereum curve became much steeper. The most obvious explanation is the ICO boom. The creation of thousands of ERC20 tokens and their subsequent distribution and commercialization led to a much higher rate of Ethereum address creation.
Another advantage Ethereum had from the start is that it was on the shoulders of Bitcoin and other cryptocurrencies; while Bitcoin was the world’s first decentralized electronic currency. Bitcoin adoption was slow and gradual. The slope of its curve never had an elevation similar to the ICO boom.
In another five years, a similar comparison will continue to be relevant.
