Glassnode reports that more that 90% of Ethereum accounts have balances above what they used to hold before now.
ETH balances that were once negative have grown above zero following the recent price gains of the cryptocurrency.
The improvement is such that over 90% ETH accounts have become profitable recently. This is the latest report from Glassnode, a blockchain intelligence firm. The implication is that 90% of the total ETH supplied was bought at a price less than the present price.
Glassnode looked back into Ethereum’s past and found out that its current state of profit cannot be likened to any other period except in February 2018 when 1 ETH was valued at about $925.
After BTC, Ether comes next as the cryptocurrency with the highest market capitalization. Coin 360 reports today that Ether’s market cap is at $44 billion while Bitcoin’s is at $207 billion. Ether and Bitcoin have been performing so well since the recent price rally that started in the final days of July.
Coin360 has been monitoring the performance of Ether. At the moment, it reports that Ether is selling at about $391, which is a little less than its price on Aug 2 when it was over $400. ETH has risen up to three times its value when the year began.
One of the reasons why Ether is doing so well now is that many people are opting in hoping that the upgrade from its current proof-of-work consensus algorithm to an upcoming proof-of-stake will yield fruits. Apart from the upgrade to proof-of-stake, the massive adoption of DeFi apps is also contributing to Ether’s growth since many of them work on the Ethereum blockchain.