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Ethereum Dip Actively Bought As Number Of Addresses Holding 1+ ETH Reached A New All-Time High

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As the crypto market fell, investors rushed to buy their favorite coins.



Glassnode data show that a number of addresses holding 1+ Ethereum reached a new all-time high of 1,407,532, while the previous all-time high was 1,407,198.

 

One of the best cryptocurrency trading strategies has always been to load one’s bag during a major price dip in order to enjoy massive profit when the market stabilizes. 

Interestingly, many crypto investors see the current bear market as an opportunity to buy ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization. 

According to fresh data on Glassnode, the number of unique addresses holding at least one ethereum has reached an all-time high (ATH) of 1,407,532 today.  

The feat suggests that cryptocurrency investors are taking advantage of the bear market to increase their ETH holding. 

It is worth noting that the previous ATH of addresses holding at least one ETH or more was recorded on Friday, January 21, 2022, the weekend that saw a majority of the total crypto market capitalization wiped off. 

Ethereum was not spared as the coin has fallen more than 48% since it peaked at $4,878 on November 10, 2021. The coin is currently trading around $2,500, according to Coingecko data.  

Ethereum (ETH) is still considered one of the favorite cryptocurrencies among crypto traders, as the asset class continues to record widespread adoption, especially in this bear market.  

Aside from the bear market, certain factors are responsible for the widespread adoption of ethereum. 

Non-fungible tokens (NFTs) and Play-to-Earn (P2E) games are among the hottest niches in the crypto space, and a majority of these projects are developed on the Ethereum blockchain. 

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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