Ethereum Profitability Dumps To 2-Year Low As Price Corrects Below $2,000
2022年5月28日 - 02:00AM
NEWSBTC
Ethereum has been on a downtrend along with the rest of the crypto
market. This has seen the value of the cryptocurrency plunged below
$2,000 and efforts to recover above this major resistance level
have been futile. Naturally, the decline in the value of the
digital asset has affected its profitability. What has resulted
from this is Ethereum wallets that are in profit at current prices
have now declined to a two-year low. Ethereum Profitability
Declines Ethereum remains the second-largest cryptocurrency by
market cap but when it comes to profitability, it tells another
story. Data shows that the percentage of ETH wallets that are in
profit has declined significantly in the last couple of months.
Along with the price, most of the profitability decline has
happened in the last six months. Related Reading | Market
Sentiment Dangerously Negative As Crypto Fear Index Drops To
Two-Year Low IntoTheBlock shows that only 56% of all Ethereum
investors are currently in profit. This puts a total of 43% in the
loss while only 1% of all investors are sitting in the neutral
territory, meaning that they purchased their tokens at current
prices. Data from Glassnode supports this metric although it
puts the number of addresses in profit at a slightly higher
percentage. The data aggregation tool shows that 58% of all ETH
investors are still in profit. However, what is notable about this
figure is that the last time that Ethereum profitability was this
low was almost two years ago, back in July 2020. ETH price trading
at $1,781 | Source: ETHUSD on TradingView.com It is no coincidence
that the majority of those in profit has been investors that have
been in the market for more than a year. The long-term outlook for
the smart contract network has always favored those who followed it
compared to those in the short term. Small Wallets Ramp UP
Even through the downtrend that has rocked the digital asset,
support has still not waned. Smaller investors have continued to
throw their hats in the ring with Ethereum. This is evidenced by
the growing number of wallets holding at least 0.01 ETH reaching a
new all-time high. It is now sitting at a new record of 22,874,566
addresses. 📈 #Ethereum $ETH Number of Addresses Holding 0.01+ Coins
just reached an ATH of 22,874,566 View
metric:https://t.co/XXb0u19ouH pic.twitter.com/gYKCAAlgcZ —
glassnode alerts (@glassnodealerts) May 27, 2022 This metric has
hit multiple all-time highs in just the first two quarters of 2022.
It shows renewed interest from smaller investors but unless this
interest becomes evident in the largest ETH investors, there may
not be any significant change in value. Related Reading
| Bitcoin Dominance Remains High As Market Sell-Offs Settle As
for the price of the digital asset, Ethereum’s price is down more
than 60% from its all-time high in November. It is currently
trading at $1,770 with a market cap of $213.9 billion. It remains
the largest DeFi platform with over $67 billion in TVL. Featured
image from Coingape, chart from TradingView.com Follow Best Owie on
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