Ethereum (ETH) cryptocurrency is approaching the $4,000 mark for the first time since late 2021, according to the latest data from CoinGecko.
Ethereum (ETH) cryptocurrency is approaching the $4,000 mark for the first time since late 2021, according to the latest data from CoinGecko.
With a current price of $3,980, Ethereum’s rise is in line with a broader bullish trend in the cryptocurrency market, mirroring Bitcoin’s movements to some extent.
The king of cryptocurrencies has broken above the $68,000 level again and appears to be on track to hit a new record high.
The cryptocurrency market is also being bolstered by the current stock market rally. The rally in the benchmark S&P 500 recently hit a new all-time high.
Increasing profitability
According to recent data provided by In the block94% of Ethereum holders are making money at the current price, with only 6% breaking even and none in the loss zone.
An in-depth look at Ethereum’s global money inflow/outflow indicates that the majority of addresses (94.3%) are “in the money”, meaning they would make a profit if they sold their holdings at the current price. Interestingly, there are currently no “out-of-the-money” addresses, and 5.70% are “in-the-money,” hovering around the break-even point.
This data indicates that the Ethereum market is currently experiencing a bullish phase, with most investors expecting potential profits.
The detailed breakdown of addresses purchased at various prices further shows the market’s optimism, especially for those who invested when prices ranged between $3,381.23 and $4,579.78.
The dynamics of the Ether market
The price correlation with Bitcoin remains strong at 0.97, highlighting the interconnected nature of the two major cryptocurrencies.
The composition of holders by holding time shows a stable investment pattern, with 75% having them for more than a year, 21% between one month and one year, and just 4% for less than a month.
In terms of transaction demographics, there is a nearly equal split between the West (51%) and the East (49%), with transaction volumes exceeding $58.49 billion in the last week alone, reflecting strong transaction activity. market.
