Crypto investors are significantly buying the world’s widely known utility crypto, Ethereum, at record levels.
Its rise has not been surprising to many in the crypto-verse, as the number of investors owning at least 10,000 Ethers reached a 9-month high.
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Data retrieved from a crypto analytic firm, Glassnode showed Ethereum ETH Number of Addresses Holding 10k+ coins just reached a 9-month high of 1,070.
The previous 9-month high of 1,067 was observed earlier today.
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📈 #Ethereum $ETH Number of Addresses Holding 10k+ coins just reached a 9-month high of 1,070
Previous 9-month high of 1,067 was observed earlier today
View metric:https://t.co/paW9ojeWBw pic.twitter.com/GQ5ueIVNW9
— glassnode alerts (@glassnodealerts) December 17, 2020
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- Metric Description: The number of unique addresses holding at least 10k coins. Only Externally Owned Addresses (EOAs) are counted, contracts are excluded.
- At the writing of this publication, Ethereum traded at $644.99 with a daily trading volume of $24.2 billion. Ethereum is up 1.01% in the last 24 hours.
- The world’s widely used utility crypto has a market value of $73.45 billion.
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What this means: The strong move with this crypto asset has to do with Ethereum 2.0 upgrade which aimed to address the network’s scalability and security coupled with the bias that it is widely used for many processes.
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What you must know:
- Ethereum is utility crypto created for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
- It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.
- Gas is the token that energizes Ethereum’s blockchain. It is the standard used to calculate the number of charges an individual needs to pay in order to make transactions on Ethereum’s blockchain.
In my opinion, the crypto bubble is just getting started. And like all bubbles, the earlier one can jump in, the better. But I believe that a big burst would likely happen sometime in the future. And the fact that some big private and institutional investors are joining the party may be seen as encouraging right now, but may also serve to making the burst one of the biggest ever, when it eventually occurs.