Ether’s ongoing price rally has translated to more profitability for the coin’s holders as on-chain data shows the number of Ethereum addresses in profit has hit a new all-time high (ATH) of 56,953,148.232 based on a 7-day moving average.
It has been a largely profitable week for Ethereum as the coin’s price also surged to an ATH above $2,500 for the first time.
The cryptocurrency ecosystem is seeing an encompassing price surge as both the top digital assets including Bitcoin (BTC), and Binance Coin (BNB) amongst others have inked new ATHs in the past week as fueled by different fundamentals. The Ethereum surge which was partly fueled by the launch of the Berlin upgrade on the network’s Mainnet in the past days has arguably helped to push the coin toward rewarding its investors
Ethereum Accumulation is Picking Momentum
Analysts have been making sense of the ongoing impressive price performance of the world’s second-largest cryptocurrency by market cap. Lewis Harland, an Associate at crypto asset fund, Decentral Park Capital, highlighted a bullish trend characterized by a drop in the total number of Ethereum held on cryptocurrency exchanges.
“We’ve just seen the 7th largest daily net outflow for #ETH since 2017. The accumulation continues,” he said in a tweet.
The accumulation may be seen as an encompassing one ranging from both retail and institutional holders investors alike. In complements to the latter, a recent filing with the SEC revealed that the Rothschild Investment Corporation has acquired more than a quarter-million shares in Grayscale’s Ethereum Trust, boosting its earlier reported investments in Grayscale’s Bitcoin Trust (GBTC).
Ethereum’s Future is Bright
Ethereum plays a key role in today’s cryptocurrency ecosystem, serving as the most used blockchain network for decentralized finance (DeFi) applications that are becoming commonplace today. With its role in powering DApps, the utility of the digital currency is bound to increase over time, impacting greatly on its future price outlook.
The Berlin upgrade is also a precursor to the eventual rollout of the EIP 1559 protocol. This protocol will restructure how ethereum fees are paid, and introduce a “burn” feature that will make Ether a deflationary asset. All these combined give assurances of a bright future for the coin as the entire cryptospace journeys unto maturity.