Glassnode, a well-known crypto data tracking company, has recorded a new all-time high in Ethereum addresses in profit.
Ethereum addresses celebrate being back in positive territory
The rises of Ethereum in recent days, which has returned steadily above $1,500 after falling below $1,000 in June, have resulted in a new record in the number of addresses in profit.
? #Ethereum $ETH Number of Addresses in Profit (7d MA) just reached a 1-month high of 47,115,905.863
View metric:https://t.co/9t2b8JZ83s pic.twitter.com/1amDWiz54S
— glassnode alerts (@glassnodealerts) July 23, 2022
This is the finding of data from crypto analytics firm, Glassnode, which measured the number of Ethereum addresses over the past month, recording a new high in those in profit at 47,115,905.863.
The same data collection company points out that the overall number of ETH addresses has also grown, a clear sign that investors have taken advantage of the price drop in recent weeks to increase their exposure to a stock, which is also being watched for the upcoming launch of the new Merge update, scheduled for 19 September.
In the last week alone, Ethereum’s price has risen more than 30%, touching $1,580. Only a month ago, Glassnode had also reported a record decline in profitable addresses, with only 66% of them in the positive, at the lowest since October 2020. On 26 May, Glassnode had recorded the lowest peak of profitable addresses, standing still at 58%.
Even Bitcoin addresses begin to recover
Interestingly, according to data from The Block, only 48% of Bitcoin wallets at current prices would be in profit. This simple figure thus shows why Ethereum clearly has greater appeal to investors, even compared to more speculative and risky assets, such as Bitcoin itself.
On the other hand, expert forecasts are quite positive about the blockchain founded by Vitalik Buterin. One group of experts recently predicted Ethereum to reach $14,000 by 2030 and exceed $1,700 by the end of the year.
Others who are more optimistic see Ethereum’s price above $30,000 by 2030. Certainly, the Ethereum digital currency remains one of those with the greatest prospects, precisely because of its characteristic of being a favorite for smart contract dApps and the NFT market. This fact certainly makes it more attractive than other cryptocurrencies, such as Bitcoin itself, whose mass adoption still appears to be a long way off.
Source: https://en.cryptonomist.ch/2022/07/26/maximum-number-of-ethereum-addresses-in-profit-reached/