NewsletterEthereum Addresses in Profit Tops 59% as Price Slip Deepens
The weekend was accompanied by a mild volatility which has seen Ethereum (ETH), the industry’s second largest digital currency pare off some gains with a 0.60% slump to $1,741.24. The current price slip has extended the losses over the past 7 days.
Ethereum Profitability Outlook
Despite its short term performance, the digital currency has remained one of the most attractive digital currencies for longer term success in the industry. With a market capitalization of $209.26 billion, Ethereum has maintained a relative profitability with its value jumping by 43.96% in the year to date (YTD) period.
Despite the turmoil the market has experienced over the past few weeks, more Ethereum addresses are still in profit. Per data from IntoTheBlock (ITB), a total of 57.5 million addresses are in profit, accounting for a total of 59.66% of all total active addresses. In the same vein, addresses in loss totals 36.84 million or 38.22% of the total wallets holding Ether.
This data is reflective of the resilience of the digital currency amid the regulatory turmoil that is threatening exchanges and other tokens including Cardano (ADA) and Solana (SOL) amongst others. While the hurdles being faced by these digital assets are supposed to be a boost for Ethereum, many are skeptical that the cryptocurrency will be safe should there be a regulatory purge to determine what assets are securities or not.
Per the data gleaned from ITB, just about 2.05 million addresses are experiencing neutral profitability without a loss or gain.
Outlook on Ethereum Price
Despite the challenges in the industry at this time, Ethereum is one of the top tokens with a good projection to outrank Bitcoin in the long term.
The Ethereum Foundation has continued to double down on their push to turn the blockchain into a completely functional Proof-of-Stake (PoS) with a series of upgrades scheduled for the next few months.
Riding on its outlook and inherent developmental effort, we can expect the price of the ETH to continue on its upward trajectory in the long term.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Bitwise Solana Staking ETF (BSOL) Records First Outflow as Institutions Panic
- U.S. Senate Hits the Pause Button on Crypto Market Structure Bill, Why the Delay Again?
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
