As the crypto cold bites harder, Ethereum has lost more than 80% of its value.The last eight months have been one of the darkest in the altcoin’s existence
However, the second largest cryptocurrency by market value has recently experienced a minor comeback.
Furthermore, the overall profit supply of the Ethereum platform has risen by 7.8%. Given the current state of the cryptocurrency market, a major rebound has occurred.
An Increase in ETH Profit Supply
According to Glassnode data, the profit supply of Ethereum’s native token increased by 56% on Monday. These are the channel’s highest amount since last month.
Despite the positive performance, the figure is nowhere near that of November 2021. Over 90% of ETH supply was profitable the prior year.
According to Glassnode, almost 7.8% of the Ethereum in circulation was traded on-chains last month. As a result, the overall supply of benefit ETH has increased to 56%. And this after hitting a low of 41% prior to the latest price surge.
Interestingly, whale activity on the Ethereum network is gaining traction. A crypto wallet just transferred 100,000 ETH to an anonymous address on July 19th. The value of the ETH tokens exceeds $150 million.
The Current Price of ETH
The current market slump has surely driven the majority of the biggest cryptocurrencies to the edge of failure. Ethereum is no different, as the token underperformed every other digital asset in the top five.
Furthermore, the bad mood in the retail sector has made ETH susceptible as traders avoid investing in the asset. Worse, investment banks’ investment in Ethereum has sharply declined, contributing to the cryptocurrency’s poor market performance.
The year-to-date outflows are another worrisome indicator. Outflows from Ethereum investment vehicles totaled $446 million. Ethereum has benefited poorly in comparison to the small $14 million inflows into Bitcoin investment products.
However, the king of altcoins is not doomed, as Ethereum has made a surprising recovery in the last week. Its worth has increased by approximately 40% in the last seven days, making it the most valuable of the top ten tokens.
Ethereum’s price has risen beyond $1,500 for the first time in a month, and it now has a market valuation of more than $184 billion.
Ethereum, like Bitcoin, has been floating between the low and high prices produced by the market slaughter. The greater crypto market has been engulfed in a maelstrom after the collapse of the Terra LUNA network.
Because of the duration of the market correction, many critics predict the total collapse of the digital asset area. Nonetheless, despite the industry’s difficulties, it has gained a major portion of its worth.
Ethereum, like some others, is steadily regaining its earlier position, and the following weeks will indicate how far it has to go.