The amount of Ethers held on Crypto exchanges just hit a 16-month low amid the high buying pressure seen in recent days.
Glassnode, an advanced crypto analytic firm released key details on why Ether coins on Crypto exchanges are becoming rare;
Ethereum Balance on Exchanges just reached a 16-month low of 15,162,927.567 ETH.
READ: Crypto market post all-time high, breaks past $1.15 trillion
📉 #Ethereum $ETH Balance on Exchanges just reached a 16-month low of 15,162,927.567 ETH
View metric:https://t.co/1dCpD2ey8E pic.twitter.com/f213mrEcxI
— glassnode alerts (@glassnodealerts) February 9, 2021
Ether reserves held on crypto exchanges have not been this low for about two and a half years. At press time, just 7% of Ether’s circulating supply is presently held on Crypto exchanges.
Meanwhile, Crypto investors are buying into the world’s acclaimed utility crypto, over owning a stake in Ether amid the boom seen recently in Crypto markets. Although it has not been strange to many crypto experts in the crypto-verse, seeing Ethereum demand at a record high.
READ: List of Cryptos expected to outperform many financial assets in 2021
What you should know
- At the time of writing this report, Ethereum traded at $1,781.89 with a daily trading volume of $45 billion. Ethereum is up 2.82% for the day.
- Breaking the $1,500 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March 2020 following the market carnage that occurred as a result of the ravaging COVID-19 virus.
- Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. 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.
