879,000 ETH addresses might become profitable if Ethereum returns to $3,000
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U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available., the second-largest cryptocurrency by market cap, rose above $3,000 in the last 24 hours for the first time since April 2022 before falling back amid a crypto market sell-off.At the time of writing, ETH was down 1.43% in the last 24 hours, at $2,891. As Ethereum hovers below $3,000, on-chain analytics firm➖In total, there are still over 16 million ETH addresses holding at a loss .addresses are still holding at a loss. In addition, if Ethereum returns to $3,000, about 879,000 addresses will become profitable. These addresses have been out of profit for two years and may look to sell and break even at this psychological threshold.On the bigger picture, this number of addresses is a relatively small obstacle for ETH. With more than 83% of addresses currently profitable, Ethereum's most likely scenario is to reclaim $3,000.Following the introduction of the Bitcoin ETF, ETH has begun to outperform BTC, an aberration from its relative underperformance in 2023. However, the aggregate altcoin market cap has not performed as well, with YTD growth less than half that of the two major cryptocurrencies. is outperforming Bitcoin due to expectations that the next wave of new U.S. crypto exchange-traded funds may target the second-largest digital asset, heralding a surge in investor demand. Per historical data, Ethereum inflows tend to lag behind Bitcoin, suggesting investors look for confidence and confirmation that digital asset markets are expanding. In the 2021 cycle, the peak influx of new capital into BTC came 20 days before the peak influx into ETH.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.Sam Bankman-Fried's Exclusive Jail Photo Revealed; Binance Shares Important Update for XRP, SHIB, ADA Holders; Ripple CTO Explains How XRP in Escrow Can Be Burned: Crypto News Digest by U.Today Sam Bankman-Fried's Exclusive Jail Photo Revealed; Binance Shares Important Update for XRP, SHIB, ADA Holders; Ripple CTO Explains How XRP in Escrow Can Be Burned: Crypto News Digest by U.TodayCoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data NetworkTeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai SchoolSEC Loses Top Lawyer as Ripple and Coinbase Lawsuit Takes New Twist Sam Bankman-Fried's Exclusive Jail Photo Revealed; Binance Shares Important Update for XRP, SHIB, ADA Holders; Ripple CTO Explains How XRP in Escrow Can Be Burned: Crypto News Digest by U.Today
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