Recent Ethereum Rise Drives Address Profit to Highest in a Month
Recent On-Chain Data Shows Number of Profitable Ethereum (ETH) Addresses Grows One Mile It was published By crypto analytics firm Glassnode. According to the data, the percentage of addresses making a profit based on the 7-day Moving Average (MA) on the Ethereum blockchain reached a one-month high of 51.865%.
There are many indicators of how healthy a blockchain protocol is at any given time. But only a few highlight how well-positioned investors are when the broader market is judged to be still experiencing one of the longest crypto winters in history.
Trading at a price of $1,332.07, Ethereum has registered a 2.3% growth in the last 24 hours at the time of writing. The recorded growth has especially triggered a move towards profitability for Ethereum addresses, as the second largest coin by market cap has maintained a staggering 9.42% growth over the past seven days.
There has been a lot of buzz around Ethereum lately as there has been a lot of discussion about whether Ethereum is completely decoupled from Bitcoin (BTC). While this is clearly unlikely, one analyst recently said that Ethereum could regain its former support in the near future.
Benefits of merging
Much of the momentum Ethereum is recording at the moment can be traced back to its move from a Proof of Work (PoW) system to Proof of Stake (PoS) with The Merge. As it stands, Ethereum is remarkably energy efficient, and a resurgence of activity in the protocol has fueled speculation as to whether the protocol can overtake Layer 2 protocols in the near future.
With the Shanghai upgrade on the horizon, Ethereum has many unique fundamentals that will help fuel its growth across the board. The network and its tokens may be on a mission to curb supposed “killers” in upcoming upgrades.