Category: Forex News

Ethereum (ETH) Approaching $4K First Time Since Late 2021

By Published On: March 9, 20242 min readViews: 2200 Comments on Ethereum (ETH) Approaching $4K First Time Since Late 2021
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Contents

The Ethereum (ETH) cryptocurrency is nearing the $4,000 mark for the first time since late 2021, according to the latest data from CoinGecko. 

Currently priced at $3,980, Ethereum’s ascent is in line with a broader uptrend in the cryptocurrency market, mirroring the movements of Bitcoin to some extent. 

The crypto king has once again surpassed the $68,000 level, and it appears to be on track to hit a new record high.   

The crypto market is also being propped up by an ongoing stock market rally. The benchmark S&P 500 rally recently hit a new all-time high. 

Growing profitability 

According to recent data provided by IntoTheBlock, 94% of Ethereum holders are making money at the current price, with only 6% at breakeven and none in the loss zone. 

An in-depth look at Ethereum’s global in/out of the money indicates that a majority of addresses (94.3%) are “in the money,” meaning they would profit if they sold their holdings at the current price. Interestingly, there are no addresses “out of the money” at present, and 5.70% are “at the money,” hovering around the break-even point. 

This data indicates that the Ethereum market is currently experiencing a bullish phase, with most investors sitting on potential gains. 

The detailed breakdown of addresses bought at various price points further displays the market’s optimism, especially for those who invested when prices ranged between $3,381.23 and $4,579.78.

Ether’s market dynamics 

The price correlation with Bitcoin stands strong at 0.97, highlighting the interconnected nature of the two leading cryptocurrencies. 

The holders’ composition by time held shows a stable investment pattern, with 75% holding for more than a year, 21% between one month and a year, and a mere 4% for less than a month. 

In terms of transaction demographics, there is an almost equal split between the West (51%) and the East (49%), with transaction volumes exceeding $58.49 billion over the past week alone, reflecting robust market activity.


Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.

banner image

Discover more from BIPNs

Subscribe to get the latest posts to your email.