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Ethereum Addresses In Loss Hits 2 Year High Amid Crypto Market Downtrend

Quick take:

  • Over 34 million addresses that hold ETH remain in loss positions.
  • The second-largest crypto is down over 10% in the recently.
  • Other altcoins throughout the marketplace are likewise down as the marketplaces struck a lull.
  • Ethereum’s shift to PoS might still take place in August regardless of the reorg attack on the Beacon chain.
  • Technical expert forecasts another 50%– 70% dip in altcoin rates as BTC supremacy grows.

The variety of wallets holding ETH in loss struck a two-year high up on Friday (May 27, 2022) following another dull week for the cryptocurrency market. Information from Glassnode reveals that over 34.1 million addresses now hold Ethereum listed below the levels they purchased.

Ethereum Addresses In Loss Hits 2 Year High Amid Crypto Market Downtrend 9
Ethereum Wallet Addresses (Source: Glassnode)

Since around December 2021, the basic cryptocurrency market struck a depression and gradually slipped into a drop. ETH has actually fallen far listed below its November 2021 ATH of $4,891 Since press time, the world’s second-largest crypto trades around $1,810 The token has actually undoubtedly dipped enormously and is down over 10% today, per information from CoinMarketCap.

Furthermore, a current report from Santiment exposed that network activity on Ethereum likewise decreased and deals on the network taped considerably low gas costs.

Ethereum Addresses In Loss Hits 2 Year High Amid Crypto Market Downtrend 10
Ethereum Daily Chart (Source: CoinMarketCap)

The news comes ahead of ETH’s awaited shift to a Proof-of-Stake agreement. The upgrade called The Merge is anticipated to take place in August regardless of a reorganization attack on Ethereum’s sibling chain– Beacon.

However, core ETH designer Preston Van Loon stays positive that the occasion will not impact development.

Ethereum and Other Alts Could Dip Another 50% Due To Rising BTC Dominance

As anticipated following the most recent bloodbath in the crypto market, ETH’s market cap lost a couple of billion and fell to $218 billion from around $350 billion at the start of May. Especially, the overall crypto market likewise dipped to $1.27 trillion.

Ethereum Addresses In Loss Hits 2 Year High Amid Crypto Market Downtrend 11
Ethereum Market Cap (Source: CoinMarketCap)

On-chain information reveals that the scenario activated an increase in Bitcoin’s supremacy over the marketplace as the leading coin now represents practically half of the entire crypto market. Since press time, BTC supremacy had actually grown to around 44%.

The scenario apparently forms the primary thesis behind technical expert Jason Pizzino‘s forecast that BTC might drain pipes liquidity from the marketplace and trigger another 50%– 70% dump in altcoin costs.

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