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It seems that bulls are accumulating Ethereum in the early bull market. This remains a favoured strategy these days.
Ethereum has been making headlines a lot these days especially since the coin exploded in price. At the moment of writing this article, ETH is trading in the green and the coin is priced at $3,343.15.
ETH went straight to the moon and managed to reach a new ATH.
Recently, it’s been revealed that CNBC notes that the interest in cryptos has surged over the past year, with BTC continuously pushing new record highs.
Ethereum coins aged 1-month to 6-months are progressively increasing in thickness suggesting HODLing coins accumulated in the early bull market remains a favoured strategy.https://t.co/e9y8JSB2ue pic.twitter.com/46YDIhxeFH
— unfolded. (@cryptounfolded) May 4, 2021
Glassnode Insight notes that “On the Ethereum chain, we can assess the age of ETH coins using similar tools like the HODL waves, whilst also taking into account nuanced differences as they relate to the Ethereum network.”
Ethereum HODL waves
The same official notes revealed that “First we review the Ethereum HODL waves to observe dormant coin behaviour. We can see a very similar trend exists to Bitcoin whereby coins appear to be maturing from 1-week to over 6-months old since late 2020 (blue arrows).”
According to Glassnode, “It can also be seen that the proportion of coins aged 1-month to 6-months are progressively increasing in thickness suggesting HODLing coins accumulated in the early bull market remains a favoured strategy.”
We suggest that you check out the official notes in order to learn more details.
Glassnode also inspected the Ethereum NVT ratio, a metric that compares the network market cap to the USD value settled by the chain.
The crypto market has been seeing exciting moves these days with Ethereum being the star without a doubt. The coin managed to hit new ATHs.