As ETH continues to hit new highs for 2020, the majority of ETH should be profitable now.
According to Glassnode’s clandestine blockchain service, more than 90% of ETH in circulation is now in “a state of profit”. This means that more than 90% of the nearly 112 million ETH tokens have been purchased at a price lower than the current market price for Ether, on Glassnode’s tweet on August 4.
According to Glassnode, the last time Ether saw this profit level was in February 2018 when it traded at around $ 925.
Ether is the second largest cryptocurrency by market cap after Bitcoin (BTC). According to data from Coin360, Ether’s market cap is currently around $ 44 billion, while Bitcoin at the time of publication is $ 207 billion. After a strong bullish trend in the cryptocurrency markets, both Ether and Bitcoin have recorded new price hikes for 2020 since the end of July.
According to Coin360, Ether briefly crossed the $ 400 price threshold on August 2. After steady growth in 2020, the top altcoin rose by more than 200% since January 1, 2020.
New Ether price records are coming in anticipation of Ethereum 2.0, a major network upgrade that will move from consensus proof-of-stake algorithm to proof of stake. As previously mentioned, Point of Sale (PoS) migration is a key factor driving the strong Ether rise as well as the explosive growth of decentralized financial applications.