Ethereum Hits $220 While Number of Active ETH Wallets Sets 6-Month High

News
Fri, 05/29/2020 - 12:08
Yuri Molchan
As Ethereum has broken the $215 level, analytical data has emerged showing that the number of active ETH addresses has increased substantially
Cover image via stock.adobe.com
Contents

Ethereum finally managed to overcome the $215 price mark and broke $220. After holding at this level for a while, it began falling, as per CoinMarketCap, and is now trading at $218.39.

While the price is going up and down, as usual, the recent analytical report from Glassnode says that the amount of active ETH wallets has surged to a new high for the past half year.

'ETH on the path to head for $300 and higher'

Analyst Michael van de Poppe stated in a recent tweet that after reaching the $220 level, the second biggest cryptocurrency, Ethereum, will likely continue its upward movement to $300 and even higher.

Crypto Michael (as the analyst is known on Twitter) is basing his current analysis both on fundamentals and technical factors and has offered a link to his video, in which he explains his take.

Among the biggest fundamental factors for potential ETH growth he suggests the fact that more and more ETH has been locked in DeFi and that altcoins are raising their heads since ‘the momentum and volatility are slowly draining away from the Bitcoin hype.

On his Twitter page, crypto trader ‘The Crypto Dog’ has also drawn public attention to the ETH growth currently underway.

Related
Black Thursday Made Traders Turn to XRP to Exchange Currencies

Number of active ETH addresses soars

Glassnode has reported that the number of wallets on which ETH transactions have been actively occurring has surged to a new 6-month high.

At the time of writing, the number of these ETH wallets totals 22,668.958.

Apart from that, Glassnode has also shared data about an increase in ETH outflow from crypto exchanges over the past twenty-four hours.

It is almost forty-three percent higher than the previous figure of 11,064.713 ETH.

This could be a sign of investors deciding to hold their coins long term rather than trading them or risking losing them in a security breach. A popular saying in the crypto community goes, ‘not your keys, not your crypto’.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy