For days now, Ether (ETH) has been posting significant highs in value. While the so-called Hodlers longs for the cryptocurrency to finally settle at the $400 price level, a recent report has informed that Ether investors are already in profit. Most of the total circulating Ether is now in profit, according to Glassnode.
About 112 million Circulating Ether
To put this in perspective, there are currently 112,039,520 ETH in circulation. Glassnode, a blockchain data and intelligence provider disclosed that 90 percent of the whole circulating Ether is in the state of profit, following the current price at which the second-largest cryptocurrency is trading.
Simply put, 90 percent of the total Ether in circulation was purchased lower than the current price. At the time of writing, ETH is valued at $387. This somewhat indicates how much the price of the cryptocurrency has grown. Notably, Ether has been hitting new highs for this year, amid the current bullish trend in the crypto market.
ETH tests new 2020 price highs
Over 90% of the circulating #ETH supply is now in a state of profit, i.e. the current price is higher compared to the price at the time the coins last moved.
Last time this we saw this level was in Feb 2018 when the $ETH price was at $925.
— glassnode (@glassnode) August 3, 2020
Cryptocurrency data platform Coin360 had noted that the price of ETH briefly crossed the $400 price level on August 2. With the current at $387, the market capitalization of the entire circulating Ether is currently at $43,419,167,319, according to the data on Coinmarketcap.
One of the factors mostly referenced for Ether price performance is the anticipation of Ethereum 2.0. As the core developers continue to announce several accomplishments that are key to the launching of Ethereum 2.0, it appears that investors are giving in to the trend. However, it is believed that Eth2 will introduce a significant upgrade to Ethereum, and will probably impact the crypto’s price.