ETH Profitable Addresses Reaches 11-Month High
According to reports, data shows that the number of profitable addresses for ETH has reached 62050322.524 in the past hour (7d MA), reaching an 11-month high.
ETH’s number of profitable addresses hit an 11-month high
Analysis based on this information:
Ethereum (ETH) is a decentralized platform that enables smart contracts and decentralized applications. It is the second-largest cryptocurrency by market capitalization after Bitcoin. One of the metrics used in ETH’s adoption is the number of profitable addresses, which are wallets holding ETH but with a higher value than the cost basis. This shows a bullish sentiment among investors and traders, as they are holding a profitable position. The recent data shows that the number of profitable addresses for ETH has reached an 11-month high.
According to reports, the number of profitable addresses for ETH has increased to 62,050,322.524 in the past hour, using the seven-day moving average (MA). This marks the highest level since August 2020, indicating a positive trend in ETH’s price movement. The number of profitable addresses has been steadily increasing since December 2020, which coincides with the beginning of the current bull run in the cryptocurrency markets.
The increase in profitable addresses for ETH can be attributed to several factors. First, the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs) has increased the demand for ETH, leading to a higher price. This, in turn, has made it more lucrative for investors to hold their positions in ETH. Second, the upcoming Ethereum upgrade, Ethereum 2.0, is expected to bring improvements to the protocol, such as faster transactions and lower fees, which could boost adoption and further increase the price of ETH.
The rise in profitable ETH addresses is a positive indication of the health of the Ethereum ecosystem. It shows that investors and traders have confidence in the platform and are willing to hold their positions for the long term. It also suggests that the demand for ETH is likely to increase in the future as more people adopt the technology and its use cases expand.
In conclusion, the recent data showing an 11-month high in the number of profitable addresses for ETH is an encouraging sign for the cryptocurrency’s price movement. It is a reflection of growing confidence in the technology and its potential for growth in the future, with DeFi and NFTs leading the charge. The upcoming Ethereum 2.0 upgrade could also provide a boost to the platform’s adoption and price. Overall, it seems like a positive time for ETH and its investors.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/5905/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
What graphics card is good for digging Ethernet (does digging Ethernet coin cost graphics card)
What kind of video card is good for digging Ethereum? According to the official website of the video card, what kind of video card is good for Ethereum mining? In the current mainstream channels for tapping Cryptocurrency, in addition to Nvidia and AMD, many manufacturers have launched their own video cards. According to statistics, multiple manufacturers have already released the latest products According to official information, the number of high-end graphics cards produced by major chip manufacturers such as Intel and AMD far exceeds that of other brands; And these new products also provide users with more choices and feedback Do you need a graphics card to dig for Ethernet?Do you need a graphics card to dig for Ethernet?? How do you think this is useful for graphics cards? In the Bitcoin mining machine market, there are two types of people who prefer this method: first, they buy video cards to mine Cryptocurrency. Since Ethereum is the synonym of Ethereum…
-
Bank of London Group Co., Ltd. Considers Acquisition of Bank of Silicon Valley UK Limited
It is reported that the Bank of London Group Co., Ltd. is considering acquiring the Bank of Silicon Valley UK Limited, according to Sky News, citing people fam…
-
Kanpai Pandas Launches Dynamic Rarity System: Everything You Need to Know
According to reports, the NFT project Kanpai Pandas has announced the launch of the Dynamic Rarity System on social media. Users can use \”Panda Points\” to purchase new features to
-
What is Ada Currency (What is the Currency Market of Ada)?
Ada is a digital currency based on blockchain technology, founded by Gavin Wood,
-
#Moonbirds: Diamond Exhibition: A Virtual Haven for Digital Art Lovers
It is reported that PROOF announced the launch of Moonbirds: Diamond Exhibition, which showcased 10000 digital art works from 22 respected artists, including the world-famous Beepl
-
Swiss newspaper Lugano published a tutorial on using lightning network and BTC to make payments at local stores
According to reports, Bitcoin Magazine stated on social media that newspapers in Lugano, Switzerland teach people how to use BTC to make payments at local stores through the use of
-
Cross-Chain Interoperability Achieved with Order Orange
It is reported that Bitcoin NFT can be accessed on the main Internet of Ethereum with the help of Order Orange, and the problem of cross-chain interaction has …
-
Implications of Alameda Research’s Claim for Voyager and Its Creditors
It is reported that according to a court document issued by the Texas regulatory agency in the United States, if Alameda Research succeeds in claiming $445 mil…
-
The Rise of USDT: Traders’ Choice Amidst Increasing Concerns About USDC and BUSD
According to reports, data shows that the circulating market value of USDT has exceeded $80 billion for the first time since May 2022, and has risen by $15 billion so far in 2023.
-
Celsius Network Considers Legal Action Against Cryptocurrency Bloggers and Creditor Tiffany Fong
According to reports, a court document indicates that the bankrupt cryptocurrency platform Celsius Network intends or may consider taking legal action against cryptocurrency blogge
-
Ethereum Layer2 Lockup: A Comprehensive Analysis
According to reports, L2BEAT data shows that as of now, the total lockup on Ethereum Layer2 is $9.572 billion, a decrease of 8.10% in the past 7 days. Among them, the highest lock
-
The Guggenheim Museum’s Newest Appointment: Exploring the Future of Digital Art
According to reports, the well-known private museum of modern art, the Guggenheim Museum, officially announced the appointment of the curator of the Noam Segal project, aiming to e
-
BNB Greenfield: The Buzz Around Opening Up Its Infrastructure Codes
On April 13th, the BNB Chain development team announced that the decentralized storage infrastructure BNB Greenfield has opened up all core infrastructure codes, including the Gree
-
Circle’s USDC sees a massive surge in circulation
It is reported that, according to official data, from February 23 to March 2, Circle issued US $2.7 billion of USDC and redeemed US $1.7 billion of USDC, with …
-
Improving Transparency and Reducing Greenwashing in the Blockchain Industry
On April 29th, it was reported that Irish researcher Aisling Connolly is leading a new project aimed at improving the transparency of carbon use in the blockchain industry and redu
-
Hong Kong Web3 Carnival 2023: Memorandum of Hangzhou Hong Kong Web3 Industry Linkage
On April 12, it was reported that at the 2023 Hong Kong Web3 Carnival, Ms. Kong Dejun, Deputy District Chief of the Shangcheng District People\’s Government of Hangzhou, and Mr. Li