Glassnode Alerts have revealed that the number of Ethereum addresses with more than 0.01 ETH has reached an all-time high of 8,410,381 on July 24th. The previous all-time high of 8,409,335 was observed on the same day. Link to the tweet:
📈 #Ethereum $ETH Number of Addresses Holding 0.01+ coins just reached an ATH of 8,410,381
Previous ATH of 8,409,335 was observed earlier today
View metric:https://t.co/XXb0u19ouH pic.twitter.com/rKhulGdLAb
— glassnode alerts (@glassnodealerts) July 25, 2020
Ethereum Approaching New Heights
However, this is not a surprise for the Ethereum community. From the last few days, the market value of Ethereum has been reaching new heights for the first time since the March market crash. Right now, Ethereum (ETH) is trading at $324.63 just a couple of Dollars short from breaking the $347 resistance. The 24 hour high is $327.77 and the 24 hour low is $302.50. The market capital stands at $36.2 billion and the daily trade volumes stand at $13.10 billion. The daily trade volumes rose by $3 billion in just a matter of some hours! Clearly, Ethereum is on its much-anticipated rally of the year.
Crypto Market Set for a New Rally
The last time when such a spike in the Ethereum market observed was in the month before Black Thursday when it reached the $285 mark. Since then crypto markets have been pretty boring and the price of Ethereum was stagnated in the $230 range. And right now both the 1st and the 2nd largest cryptocurrencies are in a rally. Bitcoin is now trading at $10.84 and is off to a great start for the week. With Bitcoin and Ethereum both breaking the $9300 and $230 resistances, the cryptocurrency market seems lively with a great influx of retail as well as institutional investors.
On-Chain Metrics Imply Bullish Ethereum Market
The number of addresses holding 0.01+ ETH reaching all-time highs is an indication that the Ethereum market is bullish. Moreover according to the data fetched by the crypto analytics agency, Messari the number of active Ethereum addresses has doubled since the start of the year. Open interest for ETH options reached a new all-time high of nearly $200 million while its implied volatility was at an all-time low. Other on-chain metrics like the open interest for ETH options also reached an all-time high of $200 dollars. On the other hand, the implied volatility was also at an all-time low. All the features were pointing towards a bullish trend in Ethereum’s price.
Ethereum’s bullishness can be explained from two points of view. Firstly, the DeFi boom. Ethereum is a Blockchain platform which is specifically known for its DeFi protocols and DApps. Consequently, the number of ERC20 active addresses also increased. Secondly, it is the much-awaited Ethereum 2.0 Serenity mainnet upgrade. Experts think that Ethereum is about to break off the $400 soon.
