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.
- 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.
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.
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.
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.