Market Wrap: Bitcoin Regains $10.6K; High-Balance Ether Addresses Decline
Bitcoin’s price is rebounding from a sell-off Tuesday while large ether holders are making moves.
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The number of Ethereum addresses holding less than 0.01 ETH and 0.1 ETH has been climbing since early November against an ongoing price correction. Ethereum's native token Ether (ETH) has dropped by over 18% after establishing an all-time high around $4,867 on Nov. 10, now trading near $3,900. Nonetheless, the plunge has not deterred retail investors from buying the token in small quantities.According to data gathered by Glassnode — a blockchain analytics platform, the number of Ether addresses holding less than or equal to 0.01 ETH reached a record high level of 19.95 million on Dec. 4,....
The supply-side dynamics of the Bitcoin network continue to demonstrate strong adoption as there are now more addresses with a positive BTC balance than ever before. On-chain statistics through February have suggested positive sentiment for Bitcoin as addresses with a non-zero balance of BTC reached an all-time high.Additionally, those wallets with a positive BTC balance are increasingly hodling their coins. The amount of BTC circulating supply last moved between three and five years ago reached a four-year high of just over 2.8 million coins, according to data from on-chain analytics firm....
Bitcoin has been trending higher for two days but ether is in the spotlight now.
A combination of volume, derivatives action and infrastructure improvements led bitcoin’s price to go where it hasn’t gone before. Ether is looking supremely bullish, too.
Bitcoin briefly dropped below $19,000 on a low-volume day while the ether options market seems to be in decline for now.