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.
More than 90% of the ETH offer in circulation is now in a winning state, which means that the current price is higher than the price at the time the coins were last moved.
The last time we saw this level was in February 2018 when the ETH price was $ 925.
Diagram: https://t.co/BsX5avJV2X pic.twitter.com/qxZQWcyf6c
– glass knot (@glassnode) August 3, 2020
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.
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 price chart over a year. Source: Coin360
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