90% of Ethereum Addresses are In Profit Following Recent Bullish Run
The crypto market has been on a bullish run in recent weeks led by Bitcoin. Ethereum has also made impressive gains during this period moving from $130 to above $700 in 12 months. This gain has transferred to its ecosystem, with over 90% of ETH portfolios in profit.
90% of Eth Addresses In Profit
Analytical firm Glassnode recently published a report analyzing the Ethereum ecosystem. During this analysis, it was discovered that more than 47 million ethereum portfolios were trading in the green. This is despite the leading altcoin still far from its all-time high registered in 2018.
Looking at Onchain data, Glassnode claims that the level of profitability from the Ethereum portfolio had not been witnessed since January 2018. The period when ETH surpassed $1,300 and made its surge towards its ATH of $1,432. One of the trends witnessed in 2018 was the creation of more Ethereum addresses during the bullish run. This has continued in 2020 with more than 100,000 to 200,000 daily addresses created on the Ethereum network, according to Etherscan.
The increase in the creation of new addresses may be related to the DeFi boom. In recent months, more DeFi products have been created in the Ethereum ecosystem. This has led to large markets and huge volumes of commercialization of Ether and prominence among crypto enthusiasts. Although DeFi promises great returns and investment to users, it also carries enormous risks. Despite this, this sector’s rush continues to grow, and Ethereum is the defacto smart contract for developers.
Ethereum Price Stays Above $700
Ethereum continues to hover around $700 in the last 24 hours. The leading altcoin surpassed the $700 mark 48 hours ago and is looking to consolidate and form a support level. At the time of writing, Ethereum is valued at $733, according to data from CoinMarketCap.
The leading coin has enjoyed a renaissance in recent weeks, with the Ethereum 2.0 beacon launch ushering in a new era. Since then, over 2 million ETH has been staked in its smart deposit contracts. This suggests that there is confidence from investors in the leading altcoin. There are expectations that a super bullish run could be on the way in the early weeks of 2021.