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Ether Addresses in Profit Have Soared 132% in a Year


www.coindesk.com 03 August 2020 05:50, UTC
Reading time: ~2 m

Even with ether (ETH) close to yearly highs, profitable addresses have grown by a hefty 132% since last July.

  • In the last week, ether has established a foothold above $300 for the first time in 12 months.
  • While the second-largest cryptocurrency is trading with only a relatively small price increase year-on-year, the number of profit-making or “in-the-money” ether addresses has more than doubled to 31.37 million from 13.5 million over that time, according to blockchain analytics firm IntoTheBlock.
  • The numbers indicate many took advantage of the opportunity to buy ether under $300, resulting in almost 18 million more in-profit addresses – a rise of 132%.
  • The majority of the buying may have happened following the cryptocurrency’s dips to levels near $100 in December 2019 and March 2020.
  • An address is said to be in-the-money if the current price of the token is higher than the average cost at which the coins were acquired or sent to the address.
  • It's worth noting that individuals and entities can own more than one address, so the 18 million figure does not represent investor numbers.
  • While in-the-money addresses have more than doubled year-on-year, the total number of addresses showing a balance has also risen by 55%, up 15.5 million from 28.11 million last July.
  • With the two metrics showing such different levels of growth, IntoTheBlock suggested that some holders – addresses with a balance a year ago – opted to bring their average cost down by buying dips below $300.
  • Ethereum’s network has recently witnessed some of its busiest days since the beginning of 2020 due to increased issuance of stablecoins and solid growth in Defi projects on the network.

Read: DeFi Hype Has Sent Ethereum Fees Soaring to 2-Year High: Coin Metrics

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