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More than 90% of the ether supply is currently in a “profitable state,” says Glassnode.

August 4, 2020

As Ether (ETH) continues to hit new highs in 2020, Most ETH are now profitable.

According to the Blockchain secret service Glassnode Over 90% of the circulating ETH are now in “profit status”.. This means that Over 90% of the roughly 112 million ETH coins were purchased at a price lower than Ether’s current market priceGlassnode tweeted on August 4th.

After Bitcoin (BTC), ether is the second largest cryptocurrency by market cap. According to Coin360 data Ether’s current market cap is around $ 44 billion, while Bitcoin’s at the time of going to print is $ 207 billion.. After a big upward trend in the crypto markets Both Ether and Bitcoin have hit new price highs since late July 2020.

More than 90% of the ether supply is currently in a “profitable state,” says Glassnode.More than 90% of the ether supply is currently in a “profitable state,” says Glassnode.

Currently trading at $ 391, Ether briefly exceeded the $ 400 threshold on August 2according to Coin360 data. After steady growth in 2020 The highest old coin has risen by more than 200% since January 1, 2020.

Ether’s new price records come in anticipation of Ethereum 2.0, a major network upgrade that is about to move from a work-of-consensus algorithm to a deployment demonstration. As reported, this transition is a key factor due to the strong recovery of ether and the massive growth of decentralized financial applications.

Ether one year price chart

Ether price chart over a year. Source: Coin360

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