Ethereum Hits 6-Week High amid Addresses in Profitability Surging

Ethereum (ETH) reached highs of $1,770, a scenario has last seen on June 10 as more momentum continues trickling into the network.

Market insight provider Santiment pointed out:

“Ethereum had a big Thursday, soaring above $1,770 for the first time since June 10th. This spike was just two days after ETH hinted at a big move following its AllTimeHigh in address activity, breaking over 1 million for the first time in history.”


Source: Santiment

Even though Ethereum had retraced to $1,715 during intraday trading, the second-largest cryptocurrency continues to enjoy an uptick in address activities. 

For instance, the number of non-zero addresses has been scaling heights. Crypto analytic firm Glassnode explained:

“The number of non-zero ETH addresses just reached an ATH of 84,626,207.”


Source: Glassnode

This suggests that more participants are joining the Ethereum network, given that daily active addresses recently reached historic highs, Blockchain.News reported. 

On the other hand, the bullish momentum ETH undergoing has triggered increases in profits to reach a monthly high. Glassnode noted:

“The number of Ethereum addresses in profit (7d MA) just reached a 1-month high of 47,590,069.435. Previous 1-month high of 47,585,913.821 was observed on 25 July 2022.”


Source: Glassnode

An uptick in address activity coupled with the recent merge news seems to have triggered the current upward trend in the Ethereum ecosystem. 

During a recent developers’ call, the most probable date for the merge was announced as September 19. 

The merge is expected to transform the Ethereum network into a proof-of-stake (PoS) consensus mechanism from the current proof-of-work (PoW) framework, which has been elusive for a few years.

Image source: Shutterstock


Tagged : / / / / / / / / /

Hash rate and difficulty rebound shows miners have recovered from China exodus

Bitcoin mining operations are on the path to full recovery following the most dramatic short-term disruption in network history earlier this year, and miners are reaping the rewards in revenues. 

In its Oct. 4 Week on Chain report, on-chain analytics provider Glassnode reports that Bitcoin hashrate has largely recovered despite 50% of the network’s hashing power going offline in May following China’s crackdown on the sector. Hash rate measures the total computational resources of a Proof-of-Work network.

Glassnode asserts that both hash rate and mining difficulty — which measures competition among miners seeking to solve the network’s next block — are both on a “consistent path to recovery.” Cointelegraph reported that difficulty slumped by 28% in early July.

Having increased 39% since late July, mining difficulty has nearly returned to its pre-China exodus levels, with an additional upward adjustment expected to take place this week.

Glassnode also reported that the difficulty ribbon has posted its strongest reversal since December 2018.

Bitcoin mining difficulty: Glassnode

Related: Bitcoin mining difficulty surges 31% since July

Despite block rewards having been slashed by 50% from 12.5 BTC to 6.25 BTC in May 2020 halving event, mining profitability has increased significantly since.

Glassnode noted that the current mining profitability of $40 million daiy is up 275% since before Bitcoin’s May 2020 halving, and has increased by roughly 630% compared to June 2020’s lows of roughly between $6 million and $8 million.

“Despite dramatic shifts in the mining market, multiple deep price corrections, and a halving event in May 2020, the Bitcoin block reward value continues to rise, creating incentives for the market to adapt, innovate and recover,” the report added.

Bitcoin mining revenue: Glassnode