Ethereum had a major breakout with a gain of nearly 50 percent in the last 10 days alone.
The on-chain metrics indicate that the majority of the ETH holders bought the digital asset at a very low price, which made them profitable.
The last time when the crypto had a similar graph, ETH fell miserably, however, this time much better principles are expected.
Over 90 Percent Ethereum Holders are Profitable
Ethereum recently completed five years of its existence and ETH holders seem can’t hold their excitement. As according to some reports, nearly 90 percent of the Ethereum holders are in profit. It said that they bought the digital asset at a very lower price. Glassnode, a blockchain analytics firm, shared a chart according to which 90 percent of all circulating ETH are in profit.
However, if we consider the last bull run of ETH in February 2018 when it was trading at $925, it witnessed a sudden fall of more than 50 percent to reach $380 within a couple of months. Therefore, some analysts predict a small dump in the coming days with yet again a surge in price after the bearish trend.
The token is currently trading at $390.46 with the surge of 1.30% within a couple of hours. More so the token is currently having a market capitalization of $43,746,682,272.
Ethereum Trading Volume is at Peak
The trading volume of Ethereum is surging much ahead of bitcoin as per some reports. It mentions the prime focus on the rising market cap of Ethereum which is growing faster relative to than of Bitcoin. However, Bitcoin’s market cap is still five times more than that of Ethereum.
The Crypto Dog, blockchain and Defi investor, tweeted a bullish rally for the digital asset and also suggested to dump Bitcoin for Ethereum. He went on saying that ETH would give more returns than Bitcoin.
On the other hand, Grayscale Investment recently published its Net Asset Under Management(AUM). According to the recent report, there is an increase of nearly $1 million in the Ethereum Trust just in the span of 3 days. The AUM of Ethereum Trust rose from $633.7 million recorded on 31 July 2020 to $722.2 million on 03 August 2020.
However, the AUM under Bitcoin Trust has also increased from $4411.2 million to $4430.8 million, which is comparatively less than that of Ethereum.
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