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Ethereum’s journey continues to surge as data from Glassnode shows the cryptocurrency is experiencing a huge influx of retail investors buying up the cryptocurrency.
By Godfrey Benjamin - Blockchain News
While the number of Ethereum addresses with at least a 0.1 ETH in them jumped to a record high yesterday, the market bulls have maintained the momentum as the Ethereum addresses with the same number of Ether locked in them has surged to a new all-time high (ATH) of 3,726,395, a slight increment from the previous ATH of 3,726,002.
The run-up to setting the new milestone is not surprising as Ethereum bulls have been ambitious in their push to steer Ethereum price to hit and surpass its all-time high above $1,432.88, a feat it recorded back in January 2018. At the time of writing, Ethereum’s current price is just 7.96% away from its all-time high and is trading at $1,326.00, a 10.2% surge in the past 24 hours.
The determination to push Ethereum price past its ATH has also been reflected in the total volume of Ethereum per the transaction volume. Glassnode data also revealed that the total Ethereum transaction volume just went above 8 Trillion ETH and currently pegged at 8,000,274,971 ETH.
While Ethereum is still the unmovable second-ranked coin, the coin’s overall contribution to helping maintain a healthy cryptocurrency market cannot be undermined. With a total contribution of 14.68% to the overall global crypto industry’s market cap, its lone market cap of $151 billion is a testament to the growth the coin has picked up in the past days.
While both institutional and retail investors seek an alternative to the out-of-reach Bitcoin, Ethereum continues to be the attractive altcoin and this is shown in the metric growth of ETH on all fronts.
Article produced by Godfrey Benjamin - Read the full article:
By Martin Young - CryptoPotato
The Ethereum bulls are charging today as prices approach an all-time high. In addition to that, ETH has also made massive grounds against Bitcoin over the past couple of weeks.
At the time of press, Ethereum was trading at $1,330 which, aside from a brief spike on January 10, is its highest price since that all-time high three years ago in early 2018.
The move has added over 11% to ETH prices on the day while big brother Bitcoin starts to consolidate around the $36k price zone. Tradingview.com reports the peak ETH price at just below $1,500 in January 2018 so it is only $150 or so away from that now.
ETH prices are predominantly measured in USD but there is also a price in Satoshis and that has surged 50% in around two weeks as Bitcoin retreats from its recent peak above $40k. The move was observed by The Block co-founder, Mike Dudas;
ETH up > 50% in #BTC terms over the past two weeks pic.twitter.com/qxiGqtUGIQ
— Mike Dudas (@mdudas) January 19, 2021
The crypto community has been largely bullish while the Bitcoin maximalists have been conspicuously silent. Binance CEO Changpeng ‘CZ’ Zhao commented that ETH was about to join the ‘ATH club’;
#ETH is about the join the new ATH club. 👏
— CZ 🔶 Binance (@cz_binance) January 19, 2021
Messari crypto researcher Ryan Watkins reported that Ethereum transactions have ‘gone parabolic’ this month and the network now processes $3 billion more than Bitcoin does. This is largely due to stablecoin activity as the majority of them are based on the ERC-20 standard.
Ethhub co-founder Eric Conner commented on the fervor over ‘Ethereum killers’ which have also been performing well lately.
“The most hilarious part about this market is once the max amount of suckers get pulled into Ethereum killers, ETH rips up.”
Ethereum is not the only crypto asset approaching or surpassing its peak price during this rally. As it stands, ETH is still almost 10% away from its all-time high, though this gap could close very quickly.
Rival network Polkadot has also just made one as its DOT token surged to $19, flipping XRP in terms of market capitalization. Binance Coin is another milestone maker this week with BNB reaching its highest ever price of $46.50 on Monday, January 18.
Uniswap’s UNI token is also hovering around a new all-time high of $9.70 according to Coingecko, and Chainlink’s LINK surged to a peak price of $23.50 yesterday. If the buying pressure remains on, Ethereum will be joining the ATH Club very soon.
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