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.
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