Ethereum (ETH) Surges $354 Billion After FTX Crash

According to Glassnode, Ethereum, the second-largest cryptocurrency by market capitalization, has seen its valuation climb by $354 billion, or 267%, since November 2022. Leading cryptocurrency exchange FTX, once valued at $32 billion, collapsed in a matter of days in November 2022.

This information was presented in an H1, 2024, report entitled, "Digital Assets: Insights and Market Trends" jointly published by CME Group and Glassnode, which provides a complete overview of the digital asset landscape.

According to the analysis, Ethereum presently has a market capitalization of $451 billion, while the overall altcoin ecosystem has a total market capitalization of $611 billion. Ethereum has long been the leading asset in the altcoin sector, accounting for 41.7% of the market today.

Other $ETH metrics

As presented in the report, validators currently have 32.2 million $ETH locked up as staked collateral. The quantity of $ETH staked has generally climbed over time, just a few times when the total volume decreased. This presently accounts for roughly 27% of the circulating $ETH supply.

The Merge was completed in September 2022, ushering Ethereum's shift to a proof-of-stake consensus mechanism. Because of the large drop in issuance and the EIP1559 burn mechanism, the $ETH supply has fallen by 343,000 $ETH since the Merge.

In the 365 days following the Bitcoin halving event, $ETH has had more diverse market performance, with the 2016 cycle falling by 45% before increasing by over 3,400%, and in 2020, its price more than doubled in the immediate months after, continuing to climb by 2,150%.

Ethereum's drawdown profile has seen considerably deeper corrections than Bitcoin's, with the largest loss in the 2022-2024 cycle so far being 42%. Previous cycles have seen corrections greater than 65% throughout both the early and late stages of macro bull markets.