ETH holders have something to cheer for. A recent study by Glassnode has revealed that more than 90 percent of current Ethereum holders are in profit. As the ETH/USD prices hit new highs, the news brings even more positivity into the Ethereum ecosystem.
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.
— glassnode (@glassnode) August 3, 2020
The last time such ETH boasted of such a high profitability figure was in 2018. The rise of Ethereum in DeFi has created a whole new positive perspective for the altcoin. The consistent rise of ETH price in the past few weeks has made sure that most of the current owners have made a decent profit.
ETH holders now reaping rewards of HODling
The entire crypto market suffered a coronavirus-induced crash in March, and Ethereum prices crashed to $110. Since then, the altcoin has made a remarkable recovery on the back of solid fundamentals, DeFi participation, and increase trading. It even touched a fresh two-year high of $415 last week.
Over 90% of the current supply of ETH is now considered "in the money" aka in profit. pic.twitter.com/5OeDSm6RXK
— Anthony Sassano | sassal.eth 👨🌾 (@sassal0x) August 3, 2020
As Ethereum holders enter ‘in the money’ or profit zone, it marks a turning point in the altcoin’s recent journey. Anthony Sassano of EthHub said that the ETH price is volume-weighted. Also, there are owners who bought ETH at its high of $1,000, and they are far from making profits. At the same time, many ETH holders are accumulating since Genesis and have made considerable profits in the meantime.
Celebrating two-year highs with new highs
As Ethereum marked its fifth anniversary on Friday, the community has high hopes from the altcoin that is second only to Bitcoin. The overall positivity about Ethereum still resonates in the community. The DeFi boom is a massive factor in the recent ETH price uptrend.
Yield farming is attractive to many newcomers who are benefiting from improved access to finance, along with high-interest rates. Lending protocols are fuelling the next wave of ETH price rise.
With Ethereum 2.0 just around the corner, the blockchain platform is ready to usher in significant changes. The community is looking forward to much-awaited upgrades that bring in improved feature-set, next-gen scalability, and more efficiency. Considering the swift rise on the back of solid fundamentals, no wonder most ETH holders are in profit.