Since December 2021, Ethereum has been in a downtrend. With a price plunge of almost 50%, the cryptocurrency is currently going through a bad patch. However, the market correction is not having a negative impact on the accumulation of Ethereum holders.
Glassnode’s recent data shows that 280,792 ETH addresses are now holding 10+ coins. According to the current price of Ethereum, each address has more than $26,000 worth of cryptocurrency in the wallet. Earlier today, at around 11:18 UTC, a prominent ETH whale address moved 14,000 coins worth more than $36 million from digital asset trading platform Bitfinex to an unknown address.
“Number of Addresses Holding 10+ Coins just reached a 1-year high of 280,792. A previous 1-year high of 280,766 was observed on 01 November 2021,” Glassnode mentioned in its recent data update.
In addition to ETH whales, the total number of Ethereum wallets with fractional holdings has increased during the past few days. Approximately 22 million addresses now have at least 0.01 Ethereum, which is the highest level on record.
The “number of Addresses Holding 0.01+ Coins just reached an all-time high of 21,929,193,” the company noted.
Crypto Market and Global Economy
Similar to other digital assets like Bitcoin, XRP and Cardano, Ethereum is facing the heat because of the Russia Ukraine conflict.
Commenting on the recent global economic issues and uncertainties, Simon Peters, a Market Analyst at eToro, said: “As the conflict between Ukraine and Russia intensified, crypto prices continued their downward slide last week, following the patterns of global financial markets generally. Following the Ukrainian government’s crackdown on digital money transfers, people are seemingly turning to crypto assets. According to local data, domestic buyers were turning to Tether’s USDT stable coin, pegged to the U.S. dollar.”
In Russia and Ukraine, the demand for digital currencies has increased in the past few days.
Since December 2021, Ethereum has been in a downtrend. With a price plunge of almost 50%, the cryptocurrency is currently going through a bad patch. However, the market correction is not having a negative impact on the accumulation of Ethereum holders.
Glassnode’s recent data shows that 280,792 ETH addresses are now holding 10+ coins. According to the current price of Ethereum, each address has more than $26,000 worth of cryptocurrency in the wallet. Earlier today, at around 11:18 UTC, a prominent ETH whale address moved 14,000 coins worth more than $36 million from digital asset trading platform Bitfinex to an unknown address.
“Number of Addresses Holding 10+ Coins just reached a 1-year high of 280,792. A previous 1-year high of 280,766 was observed on 01 November 2021,” Glassnode mentioned in its recent data update.
In addition to ETH whales, the total number of Ethereum wallets with fractional holdings has increased during the past few days. Approximately 22 million addresses now have at least 0.01 Ethereum, which is the highest level on record.
The “number of Addresses Holding 0.01+ Coins just reached an all-time high of 21,929,193,” the company noted.
Crypto Market and Global Economy
Similar to other digital assets like Bitcoin, XRP and Cardano, Ethereum is facing the heat because of the Russia Ukraine conflict.
Commenting on the recent global economic issues and uncertainties, Simon Peters, a Market Analyst at eToro, said: “As the conflict between Ukraine and Russia intensified, crypto prices continued their downward slide last week, following the patterns of global financial markets generally. Following the Ukrainian government’s crackdown on digital money transfers, people are seemingly turning to crypto assets. According to local data, domestic buyers were turning to Tether’s USDT stable coin, pegged to the U.S. dollar.”
In Russia and Ukraine, the demand for digital currencies has increased in the past few days.
I'm a seasoned cryptocurrency analyst with a proven track record of accurately assessing market trends and providing in-depth insights into various blockchain projects. My expertise extends beyond theoretical knowledge, as I actively participate in the crypto community, engage in rigorous research, and continuously analyze market data.
Now, delving into the article on Ethereum and its recent developments, it's evident that Ethereum has been experiencing a significant downtrend since December 2021, with a nearly 50% price plunge. To support this claim, we can refer to various reputable data sources, including Glassnode, which reported a current 1-year high of 280,792 ETH addresses holding 10 or more coins. This data is crucial in illustrating that despite the price decline, there is a notable accumulation of Ethereum among a substantial number of holders.
The movement of a prominent ETH whale address transferring 14,000 coins worth over $36 million from Bitfinex to an unknown address, as reported around 11:18 UTC, further emphasizes the dynamic nature of large transactions within the Ethereum ecosystem. This transaction can be verified through blockchain explorers and transaction history on platforms like Bitfinex.
The article also highlights the increase in the total number of Ethereum wallets with fractional holdings. Approximately 22 million addresses now hold at least 0.01 Ethereum, marking the highest level on record. Glassnode's data, specifically mentioning a new all-time high of 21,929,193 addresses holding 0.01 or more coins, provides concrete evidence of the growing interest and participation of smaller investors in the Ethereum network.
Connecting Ethereum's market dynamics to global events, such as the Russia-Ukraine conflict, the article draws parallels with other digital assets like Bitcoin, XRP, and Cardano. The analysis incorporates a quote from Simon Peters, a Market Analyst at eToro, linking the intensification of the conflict with the downward slide in crypto prices. Peters also notes that, in response to the Ukrainian government's crackdown on digital money transfers, people are turning to crypto assets, particularly Tether's USDT stable coin, pegged to the U.S. dollar. This information adds a geopolitical context to Ethereum's recent performance.
In summary, the evidence presented in the article, including data from Glassnode, information on large transactions, and expert opinions from market analysts, collectively paints a comprehensive picture of Ethereum's current state amid broader global economic and geopolitical uncertainties.
