According to data provided by Kriptokoin.com - Glassnode, almost 80 percent of Ethereum's total supply is currently profitable. The lion's share in Ethereum's total supply appears to be in the snow, as the second largest cryptocurrency has fully recovered after the brutal March selloff. However, it should be noted that crypto money traded at $ 700 two years ago still does not exceed this level.
Nearly 80 percent of Ethereum's total supply is currently profitable
According to data provided by Glassnode, nearly 80 percent of Ethereum's total supply seems to be profitable now. Ethereum tried to exceed the 80 percent threshold three times this year in 12 months. The second-largest cryptocurrency rose strong in February, but crypto holders' hopes were broken with the market collapse that occurred the following month. ETH price fell more than 55 percent in one day for 'Black Thursday' on March 13. As a result, less than 20 percent of ETH owners remained in profit with this collapse (the lowest value ever).
When the profit supply to money drops below 50 percent, it usually shows the market bottoms. Therefore, pandemic-guided melting proved to be the most prominent example. Conversely, anything above 95 percent is the best sign of a market. It is almost impossible for an asset to become unprofitable when it approaches new heights. As reported earlier, when Bitcoin traded at $ 9,500, 79 percent of its supply was profitable.
Can Ethereum rise more?
Given that a different bull market usually starts around 90 percent, the best cryptocurrencies (and its main competitor) have significantly more growth in growth before reaching new heights. Bitcoin is currently 50 percent below the all-time high of $ 20,000. Ethereum is priced at around 83% lower than $ 1,440.
However, with the latest developments, experts expect an upward movement from ETH. Ethereum, the second largest cryptocurrency, is trading at $ 244, with minor increases during writing. The largest altcoin currently has a market value of $ 27.2 billion. Ethereum manages a last 24-hour transaction volume of $ 7.5 billion at the time of writing.