Percentage of Ethereum Addresses Profiting from Their Positions Drops to Multi-Year Low

Please fol­low and like us:
Pin Share


article image
Alex Dovb­nya

Most Ethereum buy­ers are under­wa­ter as the largest alt­coin plunges 77% from its record high

The per­cent­age of Ethereum address­es in prof­it has plunged to the low­est lev­el since April 2020, accord­ing to data pro­vid­ed by cryp­tocur­ren­cy ana­lyt­ics plat­form IntoTheBlock.

The price of Ether slipped to $1,014, the low­est lev­el since late Jan­u­ary 2021 on the Binance exchange.

As report­ed by U.Today, Galaxy Dig­i­tal CEO Mike Novo­gratz pre­dict­ed that the $1,000 lev­el would hold.

With that being said, it is worth not­ing the lead­ing alt­coin col­lapsed by a whop­ping 94% dur­ing the 2018 bear mar­ket, which means that bears could push it much low­er if his­to­ry repeats itself this time around.

T3 Trad­ing Group’s Scott Redler, who accu­rate­ly pre­dict­ed that Ether would drop below the $1,400 lev­el, says that he had bids down all the way to $720.

Promi­nent cryp­tocur­ren­cy trad­er Scott Melk­er recent­ly tweet­ed about buy­ing more Bit­coin and Ether for the “long bags.”

 Ethereum cap­tured the spot­light in 2021 because of its sprawl­ing decen­tral­ized finance ecosys­tem and the non-fun­gi­ble token mania. Yet, the cryp­tocur­ren­cy has seem­ing­ly lost its lus­ter this year, under­per­form­ing Bitcoin.

DefiLla­ma data shows that Ethereum’s total val­ue locked (TVL) has plunged by 30% with­in just a week.

The over­all sen­ti­ment is also turn­ing against the NFT space after the floor prices of the most well-known col­lec­tions nose-dived. As report­ed by U.Today, Microsoft co-founder Bill Gates said that NFTs were based on the “greater fool” theory.

Still, Ethereum bulls are bet­ting on the suc­cess of the blockchain’s upcom­ing shift to proof-of-stake, which is expect­ed to final­ly occur lat­er this year after a slew of delays.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *