We can say that there is a rally in the crypto money market in general. The crypto market gained a significant amount in December as the total market capitalization exceeded $ 760 billion for the first time since January 2018.
Bitcoin continues to be the most valuable cryptocurrency with a market cap of $ 540 billion. The price of bitcoin has now risen from the $ 19,000 price earlier this month and is trading around $ 29,000. Ethereum also recorded significant gains this month, jumping from $ 600 to $ 742 in December. Ethereum currently has a market value of about $ 84 billion. But the important difference here is that while BTC is reaching a new ATH, ETH is still far below its previous record. This situation reveals the high potential of ETH. Investors who realize this potential show themselves.
Cryptocurrency data provider Santiment stated that ETH has exceeded $ 750 levels for the first time in 31 months, while ETH addresses with more than 10,000 ETH have increased significantly in the last two months.
However, retail investors are making a profit with every increase in ETH price at the same time. Retail investors are losing their assets to the giants, and they may miss the rally ahead. Several chain on-chain indicators point out that ETH is becoming an even more viable investment asset every day. Earlier on Monday, December 28, Santiment noted that ETH supply on exchanges dropped to a 1.5-year low. The drying up of ETH liquidity and increased demand raised its price.
According to Glassnode, another on-chain analysis platform, around 90% of total ETH addresses are currently in profit. This is the first time since January 2018.
For those who still think it’s the right time to invest in Ethereum (ETH), Bitcoin billionaire Tyler Winklevoss used the following statements about ETH:
“CURRENT PRICE OF ETH IS 735 DOLLARS. THIS IS UP TO 51% OF THE HIGHEST LEVEL OF ALL TIME, THAT IS LIKE TO BUY 14,000 BITCOIN. VERY CHEAP.”
In addition to all these, corporate money inflow to Ethereum is getting stronger with each passing day. In the latest podcast episode, popular crypto investor Ryan Sean Admas stated that the public corporation Ether Capital has collected an additional $ 125 million to buy more ETH. On the other hand, despite the launch of Ethereum 2.0 in early December 2020, Ethereum mining activity has increased on the current blockchain. The Ethereum hash rate has seen a huge increase with its price and has increased almost 100% since the beginning of 2020. It is also worth mentioning that there is a DeFi effect here.