• Ethereum has made a significant recovery since the FTX contagion hit the crypto market.
• There is an upward trend in addresses with balances of all sizes on the Ethereum network.
• Ethereum finally climbed past the resistance level of $1,600 on Tuesday amidst a broader market rally.
Ethereum is continuing to make gains in the cryptocurrency market, with prices rallying past the $1,600 mark on Tuesday. This marks a major recovery since the FTX contagion hit the crypto market at the start of the year. The world’s largest altcoin has now reached its pre-FTX market cap levels, with investors looking to pocket quick gains offloading the token.
Despite the offloading, the growing appeal of the Ethereum network is still clear. According to the latest data by IntoTheBlock, there is an upward trend in addresses with balances of all sizes. All cohorts of Ether holders have seen an increase in addresses, except for one cohort with 0.10 ETH to 1 ETH, which started decreasing since 8 January 2021.
The number of addresses with balances between 0.1 ETH and 1 ETH had peaked at 6.5 million on 8 January, but since then has decreased to 6.3 million. This is a drop of 2.5%, which is relatively small compared to the other cohorts of Ether holders. The number of addresses with balances between 10 ETH and 100 ETH, on the other hand, has seen a 10.4% increase since 8 January.
Overall, the data shows that the Ethereum network is continuing to grow in popularity. This is despite the fact that certain investors are offloading their Ethereum tokens after the rally. The total number of Ethereum addresses has increased by 3.8% since 8 January, with the number of addresses with balances greater than 1 ETH increasing by 5.1%.
The bullish sentiment in the market has seen Ethereum reach its highest price since February 2018. Ethereum has been a major beneficiary of the recent market rally, with the price rising from around $750 at the start of the year to its current level of $1,615. The rally has been driven by institutions and retail investors, with more and more people turning to Ethereum as a safe haven asset.
The rising demand for Ethereum has also led to an increase in trading volumes. Ethereum trading volumes have increased by nearly 400% since the start of the year, with over $100 billion being traded in the last 24 hours. This is a major increase from the $25 billion traded at the start of the year.
It is clear that Ethereum is continuing to gain traction in the crypto market. The rising demand for the token has seen its price soar to new highs, and the data from IntoTheBlock shows that the Ethereum network is continuing to grow in popularity. The bullish sentiment in the market looks set to continue, and it remains to be seen how high Ethereum can go in the coming months.