Clear Upward Trend in Addresses as Ethereum Rallies Past $1.6K: Data

Please fol­low and like us:
Pin Share

The year start­ed on a bull­ish note which aid­ed the world’s largest alt­coin to sprint towards its pre-FTX mar­ket cap levels.

Days after strug­gling to over­come $1,600, Ethereum final­ly climbed past the resis­tance lev­el on Tues­day amidst a broad­er mar­ket ral­ly. Even as cer­tain group of investors look­ing to pock­et quick gains began offload­ing the token, this has not affect­ed the grow­ing appeal of the network.

Ethereum Ownership

Accord­ing to the lat­est data by IntoThe­Block, there is a clear upward trend in address­es with bal­ances of all sizes. Except for one cohort of Ether hold­ers with 0.10 ETH to 1 ETH, which start­ed decreas­ing in size with the start of the bear mar­ket, all the oth­er cohorts have been on a steady rise.

With the most recent increase in Ethereum’s price, some big­ger hold­ers have resort­ed to offload­ing their assets in a bid to rake in quick gains. Despite this, ITB not­ed an increase in address­es with larg­er bal­ances in terms of USD valuations.

This trend depict­ed an enhanced mar­ket sen­ti­ment after a bru­tal year of an inces­sant downtrend.

A drill down fur­ther at the own­er­ship revealed that six address­es held a total of 22.65% of the ETH sup­ply, and these address­es have been active. In terms of the over­all dis­tri­b­u­tion, ITB’s data sug­gest­ed that whales hold most of the tokens in cir­cu­la­tion. The retail play­ers, on the oth­er hand, held a rel­a­tive­ly small per­cent­age of the supply.

Shanghai Mainnet

Stak­ing activ­i­ty on the Ethereum net­work has con­tin­ued its uptrend as the total val­ue staked in ETH 2.0 deposit con­tract reached yet anoth­er ATH ear­li­er this month. A promi­nent uptick in val­ue was seen after Jan­u­ary 6th, coin­cid­ing with the devel­op­ers announc­ing that the Shang­hai Upgrade that seeks to enable the with­draw­al of staked ETH.

Tout­ed as the first major update since Ethereum’s his­toric Merge in Sep­tem­ber, Shang­hai is slat­ed to go live in March 2023.

More recent­ly, the first shad­ow fork designed to test the readi­ness of ETH stak­ing with­draw­al capa­bil­i­ty was deployed suc­cess­ful­ly. The release is expect­ed to have a sig­nif­i­cant impact on cryp­to mar­kets and ush­er in the emer­gence of new par­tic­i­pants enter­ing the network.

JP Mor­gan ana­lysts pre­dict­ed 95% of retail investors on Coin­base could par­tic­i­pate in stak­ing Ethereum after the fork, ramp­ing up the exchange’s rev­enue between $225 mil­lion and $545 mil­lion per year.

Mean­while, Ethereum con­tin­ued to see the high­est lev­el of devel­op­er activ­i­ty in 2022 despite the mar­ket slump.

SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.