Ethereum (ETH) recently breached the psychological price of $4,000, bringing it a stone’s throw away from its all-time high (ATH) level of $4,350.
The second-largest cryptocurrency based on market capitalization has been experiencing an uptick in actions, given that it’s in high demand from sectors like Decentralized Finance (DeFi) and non-fungible tokens (NFTs).
Reportedly, the total value locked (TVL) in DeFi on the Ethereum network reached the $100 billion mark as demand continues to soar.
DeFi is founded on blockchain-based smart contracts that fulfill certain financial capabilities based on the underlying code.
This sector took the world by storm in 2020 after its worth grew by fourteen times. Its presence in the crypto space continues to be felt because it has become a billion-dollar trade based on growing demand.
In line with recent research by blockchain analytic firm Chainalysis, the US had the best DeFi adoption rate, adopted by Vietnam, Thailand, China, and the UK.
Ethereum address profitability hits 100%
In accordance to data analytic firm IntoTheBlock:
“For any address with a optimistic balance, IntoTheBlock identifies avg price at which tokens were acquired, indicating if the handle is at profit or loss. Addresses at profit: BTC 99%, ETH 100%, ADA 75%, DOGE 68%, LTC 85%, LINK 71%, SHIB 76%, MATIC 70%, FTT 86%, and AXS 99%.”
“Billionaire” Ethereum addresses continue accumulating
Holding is a favored strategy on the Ethereum network, and prime addresses have been setting the ball rolling. On-chain metrics provider Santiment acknowledged:
“Ethereum top addresses have accumulated ETH steadily since early August, and it is no shock to see the number two asset approaching an AllTimeHigh of its own. Up to now 10 weeks, addresses with 1M to 10M ETH have amassed 13.9% more to their bags.”
In the meantime, the worth saved within the Ethereum network is at a record high, given that the realized price reached an ATH of $1,541.56.
Realized price is the capitalization of Ethereum based on the last time a coin moved.
Source: Blockchain News
