Even though the cryptocurrency market momentum isn’t looking too promising, there are still positive metrics to take note of. Ethereum has successfully reached an all-time high realized cap. An intriguing development, considering how the world’s second-largest cryptocurrency has held up surprisingly well.
Ethereum Realized Cap Keeps Rising
When the price of a cryptocurrency goes down, it will usually prove difficult to note any positive price momentum. However, for Ethereum, that situation is a bit different. Although it suffers from bearish price momentum, it is far less outspoken than Bitcoin and other markets today. Many people would love to see an Ethereum breakout while Bitcoin gets battered, but that may not necessarily be on the cards.
Even so, the Ethereum realized cap has successfully hit a new all-time high. After surpassing $101 billion for the first time in realized cap, one has to wonder what the future will hold for this ecosystem. If Ethereum can successfully buck the overall bearish trend, there may be some intriguing price momentum over the coming days and weeks.
One contributing factor to this metric’s rise is how Ethereum still has a decent emission rate. Even at the current price, all of these coins will significantly impact the overall realized cap of the project. Today, there are over 115.58 million ETH in circulation. That amount will keep increasing gradually for some time to come, even when Ethereum 2.0 goes live on the network.
It is always interesting to see metrics depicting the bigger ecosystem beyond just the asset’s current price. Although most eyeballs are on the current ETH price, there is a lot more going on behind the scenes. A new all-time high realized cap is a bit surprising at this time, but it shows this bearish market momentum may not last too long.
ETH Price Holds its Own
It isn’t easy to find any market performing well under the current circumstances. The overall crypto market cap is down by 9.2% and most assets will reflect that same decrease in their 24-hour performance. Ethereum is no exception, as it too lost over 10% in the past day. However, it managed to retain some stability for the ETH/BTC market.
Following the recent market momentum, ETH/BTC still remains at 0.04626 BTC. That is a mere decrease of 1.4%, which is not entirely surprising. It bodes well for the short-term future of Ethereum’s value, although everything stands or falls depending on how Bitcoin performs.
With the weekend just around the corner, it will be exciting to see how the markets perform. There isn’t much to be excited about as of yet, although things can always change when people least expect it. Normally, weekends are very bearish for cryptocurrency markets, but this week may prove a bit different. There are no guarantees regarding these markets or their realized cap whatsoever, and anything can happen.