Whereas most people keep a close eye on the Ethereum price, it is not the only metric to keep an eye on. Ethereum has hit two new highs in other aspects as well. The number of addresses in profit and total value in the ETH 2.0 contract have never been higher.
Ethereum Addresses In Profit All-Time High
It is not easy being the second-largest cryptocurrency by market cap. Although Ethereum has tremendous growth potential, its own technology poses numerous constraints at this time. The majority of these issues will be resolved during the full ETH 2.0 rollout, yet it will not change matters today. Even so, the overall confidence in this project and its technology remain rather high.
Following today’s new all-time high price, the number of ETH addresses in profit has hit an all-time high. More than 56.665 million addresses hold an Ethereum balance worth more than the last time it moved across the network. For some, this profit will be greater than others, which is only standard. Even so, an all-time high for this metric at this crucial time seems promising.
Continuing this uptrend will be challenging for various reasons. It will primarily depend on whether the Ethereum price will keep moving higher over the coming days and weeks. There will be plenty of market momentum but equally, ample resistance to contend with. Additionally, a lot of this momentum may hinge on what happens to Bitcoin in the coming weeks.
With so many Ethereum addresses in profit, there is some concern about more people selling. For now, the impact remains limited, but it is still early in most regions. A lot can happen between now and next Monday, for example. Weekends are usually bearish for most crypto markets, even if the remainder of the week was relatively bullish.
ETH 2.0 Deposit Contract Value Rises
An Ethereum price increase will affect many metrics across the ecosystem. It is only normal to see the total value in the ETH 2.0 deposit contract rise accordingly. Today, the contract holds just under $8.6 billion in total value, which is a rather staggering amount. Hitting $10 billion is still possible before the ETH 2.0 upgrade rolls out is still a possibility.
It is worth noting this value isn’t rising just because of the Ethereum price increase. There is still an ongoing decrease in contract depositors, confirming more people want to experiment with Ethereum staking in the months to come. It is still lucrative to explore this option, as the current rewards are more than acceptable. If the Ethereum price keeps rising, those returns will only become more attractive.
Despite the relatively high gas fees and some other technical concerns, Ethereum remains a versatile blockchain ecosystem. With the upcoming ETH 2.0 upgrades, that functionality will only become more apparent, benefiting all users and developers. Whether the network upgrade will prove beneficial to the ETH price is a different matter altogether. The cryptocurrency industry is never simple or straightforward.