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- Both the major cryptocurrencies rallying for days now
- The global crypto market hovering to attain 1 trillion USD market cap again
Here after a long time of crypto winter, following the global crypto market attained its all time high, several good omens are occurring with major cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) have been trading above their long resistance levels after showcasing a significant growth in the past couple of weeks. With these streaks to continue, other metrics are also getting stronger.
The leading cryptocurrency Bitcoin (BTC) is on its way to soon attain its 15-day continued price increase. It’s already been 14 days since BTC price is on a surge and as it extends for one more day, it will be an instance that happened only once in November 2013 when prices consistently rose for 15 days, historically the longest period. However, there’s also a possibility that if it maintains the pace and showcases another day’s price rise, it will be the new record for BTC price.
Currently Bitcoin (BTC) is trading at 21,247 USD with a slight jump of 0.83% in the last 24 hours, but over 21% up in the last seven days. While the second to leading cryptocurrency Ethereum (ETH) is trading at 1,581 with about 1.28% high from yesterday and more than 18% high from last week.
For Ethereum, other metrics like number of non-zero addresses and validators on the network also represent growth. Glassnode Alerts took to Twitter and informed the non-zero ETH addresses hit their all-time high with approx 92,482,337 wallets with at least some amount of crypto asset.
With these numbers reaching nearly 92.5 million wallets, the possibility of metrics attaining 100 million wallets gets stronger. Given the rate of such wallets increasing by 20 million per year, there will be a need of over 7.5 wallets to reach the target. With the current speed, the 100 million ETH non-zero wallets could be achieved by the second quarter of this year.
The smart contract blockchain network soon to deploy its another highly anticipated upgrade, Shanghai hard fork in March this year. Prior to this upgrade, the network has already registered a continued growth in the number of its validators. As per the data on January 12, the number of validators responsible for making the transactions over Ethereum reached over 500,000.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
