ETH Supply Reaches Six-Month High with 5-7 Year Active Time
According to reports, Glassnodes data showed that the supply of ETH with the last active time of 5-7 years has just reached 10356187.049 ETH, a six-month high….
According to reports, Glassnodes data showed that the supply of ETH with the last active time of 5-7 years has just reached 10356187.049 ETH, a six-month high.
ETH’s last active 5-7 years of supply hit a 6-month high
Interpretation of the news:
The recent report stated that the Ethereum (ETH) supply has recorded a six months high with the last active time from five to seven years. In particular, Glassnodes’ data analysis shows that the ETH supply with the last active time ranging from 5-7 years has reached 10356187.049 ETH. This spark of interest among cryptocurrency enthusiasts stems from the significance of the active time.
Active time refers to the last period when an Ethereum address was utilized to perform transactions or transfer ETH tokens in the network. The measure intends to gauge the levels of Ethereum held by long-term investors, including early adopters and traders. The data analysis suggests that this is an optimistic indicator because a higher figure entails less market activity and less volatility. As such, it indicates that such investors are not interested in transferring their assets anytime soon, in essence, securing the cryptocurrency from excessive fluctuations. The data signify that such investors and traders have confidence in the network and the future value of ETH.
The surge in the ETH supply could be attributed to the price surge that Ethereum has experienced since the beginning of the year. In addition, the recent growth was attributable to the network’s upgrade through Ethereum’s steady and ongoing development, particularly following the Ethereum 2.0 Beacon Chain upgrade launched in December 2020. Ethereum 2.0 is on course to supply scalability, better security, and energy efficiency to the blockchain network. Consequently, investors and traders are optimistic about future price surges in the long term.
Glassnodes is a blockchain data analytics firm that provides real-time market intelligence to crypto traders, analysts and researchers. The firm published various measures of the Ethereum ecosystem, including information on wallets, active addresses, ETH volume, and transaction counts. Hence, the report follows the recent surge in ETH prices and the growing interest in cryptocurrency.
In conclusion, Ethereum’s supply hitting a six months high indicates that the overall interest and investment in the cryptocurrency grows over time. The increasing amount of ETH supply with the 5-7 years active period indicates the trust and the confidence of the investors and traders in the digital asset. With the forthcoming upgrades in the network, the future observations on ETH supply will determine if the current trend continues.
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