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With the wider jump in the performance of most crypto assets today, Ethereum (ETH) in particular is catching up on the train. The digital currency’s price was pegged at $1,671.53, up 5.69% over the last 24 hours at the time of writing. With that growth, Ethereum is now rebuilding its week-to-date (WTD) metric, having gained only around 4.13% in that timeframe.
While the most important factor fueling Ethereum’s price growth remains the sentiment of the broader crypto market, two other distinct factors can be pointed out.
First is the intense activity of retail buyers and whales, according to the popular crypto market analytics platform. While Glassnode show that the total number of non-zero addresses reached 93,275,549, an indication of intense buying, WhaleStats confirms the whales’ use of the Ethereum protocol, as measured through accumulated altcoins such as Gala (GALA) and Chainlink (LINK).
📈 #Ethereum $ETH The number of Non-Zero Addresses has only reached ATH 93,275,549
View metrics: https://t.co/beS1MtIgAZ pic.twitter.com/zPqxXhD47D
— glassnode warning (@glassnodealerts) February 2, 2023
Moreover, the activity of the network has brought positivity among all Ethereum investors. In addition to the supply of circulating digital currency dropping to rock bottom, a public testnet that will help simulate the process of withdrawing Ether at stake has also been launched, according to an earlier U.Today report.
Ethereum’s journey to $2,000
Following the completion of Ethereum’s transition from a proof-of-work (PoW) to a proof of stake (PoS) model via The Merge, many expected a corresponding increase in the price of the coin.
With the positive rallies Ethereum has had so far this year, projections that it will retest a new $2,000 high have resurfaced. While this price growth, if it occurs, would not be surprising given that Ethereum’s all-time high (ATH) remains pegged at $4,891.70, a projected near-term growth of $2,000 may not be realistic.
This is because, with the advent of the Shanghai upgrade, any amount of Ethereum that was staked could be withdrawn and liquidated, a trend that could lower the price of the coin.
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