Glassnode states that over 90% of the Ether token supply was bought at a lower price than that at which it’s currently trading.
According to data from blockchain intelligence firm Glassnode, more than 90% of the circulating ETH is now in “a state of profit.” This means that over 90% of about 112 million ETH coins were bought at a lower price than the current market price of Ether, Glassnode tweeted on Aug. 4.
Over 90% of the circulating #ETH supply is now in a state of profit, i.e. the current price is higher compared to the price at the time the coins last moved.
Last time this we saw this level was in Feb 2018 when the $ETH price was at $925.
— glassnode (@glassnode) August 3, 2020
According to Glassnode, the last time Ether saw this level of state of profit was in February 2018 when it was trading at about $925.
Ether is the second-largest cryptocurrency by market capitalization after Bitcoin (BTC). According to data from Coin360, Ether’s market cap now accounts for about $44 billion, while Bitcoin’s amounts to $207 billion at the time of publication. Following a major bullish trend on crypto markets, both Ether and Bitcoin have been hitting new 2020 price highs since late July.
Currently trading at $391, Ether briefly crossed a $400 price threshold on Aug. 2, according to data from Coin360. Following steady growth in 2020, the top altcoin is up more than 200% since Jan. 1, 2020.
Ether’s new price records come in anticipation of the Ethereum 2.0, a major upgrade to the network that is poised to shift from a proof-of-work consensus algorithm to proof-of-stake. As reported, the PoS transition is a key factor attributed to triggering the strong Ether rally alongside massive growth of decentralized finance applications.
Ether one-year price chart. Source: Coin360
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.