According to data from blockchain intelligence firm Glassnode, more than 90% of the circulating ETH is now in "a state of profit." This means that over 90% of about 112 million ETH coins were bought at a lower price than the current market price of Ether, Glassnode tweeted on Aug. 4.
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.— glassnode (@glassnode) August 3, 2020
Last time this we saw this level was in Feb 2018 when the $ETH price was at $925.
Chart: https://t.co/BsX5avJV2X pic.twitter.com/qxZQWcyf6c
According to Glassnode, the last time Ether saw this level of state of profit was in February 2018 when it was trading at about $925.
Ether is the second-largest cryptocurrency by market capitalization after Bitcoin (BTC). According to data from Coin360, Ether’s market cap now accounts for about $44 billion, while Bitcoin’s amounts to $207 billion at the time of publication. Following a major bullish trend on crypto markets, both Ether and Bitcoin have been hitting new 2020 price highs since late July.
Currently trading at $391, Ether briefly crossed a $400 price threshold on Aug. 2, according to data from Coin360. Following steady growth in 2020, the top altcoin is up more than 200% since Jan. 1, 2020.
Ether’s new price records come in anticipation of the Ethereum 2.0, a major upgrade to the network that is poised to shift from a proof-of-work consensus algorithm to proof-of-stake. As reported, the PoS transition is a key factor attributed to triggering the strong Ether rally alongside massive growth of decentralized finance applications.
Ether one-year price chart. Source: Coin360