Popular data aggregator Glassnode says the second-largest cryptocurrency is witnessing a new development after experiencing a price increase of over 30 percent in the past few days. reported. According to the information obtained, Ethereum faced the entry of new small and medium-sized investors.
New ATHs related to ETH wallets have been revealed by the Glassnode analytics agency. Accordingly, the amount of Ethereum wallets holding 1+ and 10+ ETH has jumped to new historical highs. The former reached 1,566,309 wallets and the latter peaked at 310,656.
📈 #Ethereum $ETH Number of Addresses Holding 10+ Coins just reached an ATH of 310,656
Previous ATH of 310,638 was observed on 27 July 2022
View metric:https://t.co/6ggy1nLbSD pic.twitter.com/FQ73AqQ8zF
— glassnode alerts (@glassnodealerts) July 30, 2022
Besides, the total amount of non-zero balance wallets containing Ethereum rose to a new historical value of 84,641,107.
Ethereum price rise
The Trading View chart below shows that between July 26 (Tuesday) and July 26, Ethereum price increased by about 31 percent from $1,364 to $1,784 per coin. This increase in price was likely due to the sudden reaction of the Bitcoin price to the Fed’s recent rate hike. The leading cryptocurrency experienced 3.07% growth after the interest rate was increased by 75 basis points by the US central bank. However, when a rate hike was made in May, it fell into a crypto recession that caused Bitcoin to lose around 40 percent of its value.
At the time of writing, the second-largest crypto by market cap is at $1,720. In May, before the rate hike, its price was in the $2,900 region. On June 18, Ethereum even managed to briefly break below the $1,000 level.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.