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Home Markets Cryptos

90% of Ethereum wallets are now in profit

Olumide Adesina by Olumide Adesina
August 3, 2020
in Cryptos
Ethereum,Ethereum Whales Cumulative Holdings Touch 10 Months High, ETH Passes $220, Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time
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Most Ethereum holders now have a good reason to smile to the banks. This is because over 90% of the circulating Ethereum supply is now in a state of profit. In other words, the current price is higher compared to the price point at the time the coins last moved.

Last time we saw this level was in February 2018 when the $ETH price was at $925.

READ MORE: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

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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.

Chart: https://t.co/BsX5avJV2X pic.twitter.com/qxZQWcyf6c

— glassnode (@glassnode) August 3, 2020

Ethereum was trading around $391, as at the time of filing this report. It is the second most valuable crypto asset in the world with a market capitalization of $143.88 billion as well as a trading volume of about $13.88 billion.

READ MORE: Ripple has released 1 billion XRP; here’s what this means

Why Ethereum is surging 

In an earlier article by Nairametrics, the co-founder of Spartan Black, Kelvin Koh, was quoted as he explained what was responsible for the surge in the ETH market. He said:

“The strong move in Ethereum has to do with the upcoming ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings ETH closer to its final state and will be catalysts for Ethereum.”

READ MORE: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours

What to look for

Breaking the $400 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March following the market carnage that occurred as a result of the ravaging COVID-19 virus.

It should, therefore, be noted that Ethereum 2.0 is imminent. This will see the crypto asset switching from the current proof-of-work model to proof-of-stake. It will also optimize sharding techniques which will help hasten up transactions on the blockchain.


Follow us for Breaking News and Market Intelligence.
Tags: Blockchaincrypto assetCryptocurrenciesETH 2.0EtherEthereumKelvin KohSpartan Black
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 4

  1. Anthony Adophy says:
    August 3, 2020 at 4:38 pm

    Good day sir, thanks for the info. I would like to be getting current information about crypto currency like ethereum, terrabit and Bitcoin

    Reply
  2. Omidiora Olasunbo Funmilayo says:
    August 5, 2020 at 4:37 pm

    Hi Olumide, I totally agree with you I and my hubby just joined the FORSAGE Team and we are thanking God for it.
    Great workwork Olumide, more of this to convince some doubting Thomases around.
    Etherium cryptocurrency is not a scam it’s real!!!!

    Reply
    • Legend FK says:
      August 6, 2020 at 6:02 pm

      Yea issa real

      Reply
  3. michael abba says:
    August 12, 2020 at 4:53 pm

    where are the best places to buy ethereum? i would love to add more for long term investment. kindly advise please.

    Reply

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