More than 90% of ETH’scirculating supply is now in profit. The last time this level was
observed was in early 2018 when the price of the cryptocurrency was
$925.
Research and analytics firm Glassnode reported Monday that the percentage of ETH’s supply in profit has reached a level not seen since early 2018. The firm tweeted:
Over 90% of the circulating ETH supply is now in a state of profit, i.e. the current price is higher compared to the price at the time the coins last moved.
“Last time this we saw this level was in Feb 2018 when the ETH price was at $925,” the firm continued. The price of ETH has been surging significantly over the past weeks, rising about 47% since July 23. At the time of this writing, the price of ETH stands at $390.63, having breached the $400 mark.
Sassano, co-founder of Ethhub.io, believes that “At this stage of the
cycle I’d say that it’s very bullish,” he tweeted, emphasizing that
“Over 90% of the current supply of ETH is now considered ‘in the money’ aka in profit.”
Furthermore, news.Bitcoin.com recently reported
that the total value locked within the decentralized finance (defi)
ecosystem had surpassed $4.22 billion. The value is currently at $4.32
billion. A very large portion of defi applications, tokens, and
platforms are hosted on the Ethereum network; defi’s massive growth has
contributed to the significant rise in the price of ETH.
What do you think about 90% of ETH’s supply being in profit? Let us know in the comments section below.
source link : https://news.bitcoin.com/over-90-of-eths-supply-profit/
