Your favorite crypto news blog

Number Of Ethereum Addresses Holding Over 100 ETH Hits New All-Time High

Altcoins 2020/05/23 23:25 by Lorenzo Stroe
Number Of Ethereum Addresses Holding Over 100 ETH Hits New All-Time High

Ethereum, just like many other cryptos including Bitcoin, has been trading sideways for basically the past month. Currently trading at $207 after a decent bull break yesterday, Ethereum eyes up to $217 again, a key resistance level before $220.

Bulls have been trying to break and close above $217 for weeks and they have always been rejected heavily. This area of resistance is crucial for Ethereum and bulls need to break it in order to have a chance of seeing ATHs again.

However, despite a major rejection back in May 10, the interest in Ethereum seems to be growing and could help the bulls secure that $217 level. 

Number Of Ethereum Addresses Holding 100 ETH or More Hits New ATH

According to the latest report by ‘Glassnode’, the number of ETH holders with more than 100 Ethereum coins has now reached 47,722 which is a new ATH. It’s important to note that the number of holders with more than 100 Ethereum coins has been increasing since 2016 with barely any downside.

Clearly, the interest in the digital asset is strong despite its decline in price. In fact, from 2017-18 after the massive bull run that took Ethereum up to $1,400, the number of holders has increased tremendously from only around 17,000 to 45,000 in early 2019. 

This reverse correlation between price and holders shows that ETH has a lot of support behind it despite occasional crashes in its price. 

Ethereum is also getting ready for its final transition into 2.0 which will transform its current Proof-of-Work consensus mechanism to a PoS algorithm. This is supposed to happen in June 2020 and the stability of ETH’s price will depend on its success.

Unfortunately, this upgrade has been postponed several times already but it’s still one of the biggest upgrades in the history of cryptocurrencies. At the same time, giant trust fund, Grayscale continues amassing Ethereum coins after buying around 50% of all ETH mined until May 2020.

With all the fundamental support behind Ethereum, do you think bulls will be capable of pushing ETH above $220 in the next week?

0 Like(s)

You should also read...

Altcoins 21/11/19 10:20 by Ali Raza
Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise
The Ethereum network is now producing less ETH per day. Block rewards have reduced from around 13,500 coins to 12,500.  Ethereum is currently facing a situation where the block reward output per day...
Read More
Altcoins 25/11/19 17:25 by Brenda Ngari
86% Of Ethereum Holders Are Now At Loss – Will The Booming DeFi Be The Savior For ETH?
A precipitous slump in the crypto market like the one witnessed on Friday after China announced its renewed crackdown on crypto-related activities in the country is bound to further demoralize the ma...
Read More
Crypto 26/11/19 01:30 by Kai Sedgwick
A History of Blockchain Consensus Mechanisms
The consensus mechanism is a critical blockchain component, providing a non-partisan means of establishing agreement as to the network’s current state. But ever since Bitcoin emerged in 2008, it...
Read More
Altcoins 13/04/20 06:48 by Aayush Jindal
Ethereum Price Won’t Go Down Quietly: Risk of Bounce Grows
Ethereum failed to clear the $162 resistance and declined recently against the US Dollar. ETH price is now approaching the main $145 support, where the bulls might take a stand. Ethereum is showing a...
Read More
Altcoins 28/04/20 15:17 by John Kiguru
XRP, XLM, and ADA Win Big as Bitcoin Speculators Turn to Altcoins
Bitcoin has paused around the $7.8K price level. The largest digital coin has since reaching this high began trading sideways. Speculators have as a result begun moving to altcoins. In the last 24 ho...
Read More