- Ethereum, a public and open-source software platform that gives provision to developers to build and deploy applications is a decentralised system.
- Glassnode reports also added that the exchange balance of ether has shown a growth by almost more than 21% and reported to have reached 18.187 million ETH in a few months since the end of 2019.
Ethereum, a public and open-source software platform that gives provision to developers to build and deploy applications is a decentralised system that seeks expansion on its technologies to create a complete new network including an internet browser, coding language and payment system. This platform’s currency is known as Ether and was founded by Vitalik Buterin and other developers in the year 2014.
Glassnode, an on-chain market intelligence observed the increase in the exchange balance of the ether (ETH). This indicator is said to be at the highest level since December 2016 at present. Ether was trading at $ 7.5 in the year 2016. Despite the background of a decrease in the exchange balance, it strengthened rapidly.
Altcoin has reported to be ranging from $125 to $145 in the recent weeks. On April 5, ETH’s market capitalization has grown by 2% in the time of 24 hours to $ 15,858 billion. ETH is trading at $ 143 as of now. Shifting the focus to understand what an altcoin is, it is an alternative cryptocurrency to Bitcoin that differs from Bitcoin in mining mechanisms, methods of coin distribution and in the ability to create decentralized applications.
Although Bitcoin has its own influence and innovation, it has some flaws too. Thus, an altcoin always exists if anyone were to make fast transactions or if anyone were to choose the currency that is less volatile and more private. Altcoins are playing a tremendous role in the expansion of the limits of blockchain possibilities and the scope of its applications.
Glassnode Research Shows Ethereum Balance Gain
Glassnode reports also added that the exchange balance of ether has shown a growth by almost more than 21% and reported to have reached 18.187 million ETH in a few months since the end of 2019. The last record of the similarity in exchange volume of altcoin was in December 2016.
According to the graph presented by glassnode analysts, there is a clear inverse correlation between the price and the stock exchange balance of the assets. The upward trend in the exchange volume of altcoin is said to have an inverse correlation with the value of ETH.
This gives way to ether for being on the verge of a breakthrough rally. Hence, proving the possibility to predict the recommencement in the growth of the coin just after the phase of reduction of the exchange volume of ETH begins, given a case that the trend repeats three years ago.