The world’s second most valuable crypto by market value, Ethereum, is on ‘fire’, taking into account high buying interests seen by global investors as it closes in on $600.
Ethereum has gained more than 279% year to date alone, and it seems the party for its investors is just starting amid recent price action revealing high demand for the popularly known utility crypto.
READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise
- At the time of writing, the second most valuable crypto by market value traded at $584.76 with a 24-hour trading volume of $12,639,110,614.
- ETH price is up 7.9% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
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What this means
- Data retrieved from Glassnode, revealed bullish bias, taking into consideration that Ethereum Active Supply 1y-2y (1d MA) just reached a 10-month low of 24,287,603.528 ETH.
- The previous 10-month low of 24,465,932.420 ETH was observed on 16 February 2020.
- Another critical sign showing that fewer holders of Ethereum are selling is a key metric revealing the Ethereum Number of Exchange Withdrawals (1d MA) just reached a 5-month low of 584.042.
- The previous 5-month low of 584.625 was observed on 05 July 2020.
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Such metrics above, amid significant price volatility prevailing in the ever-changing crypto market, points to broader market sentiments, that most holders of Ethereum are using it more for wealth preservation, rather than for utility purposes.
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What you should know
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.
