The data provider noted:
Previous 5-year low of 5,075,352.655 ETH was observed on 28 December 2020
— glassnode alerts (@glassnodealerts) January 2, 2021
The graph above showed that the supply had seen a high peak in 2019, when the price of most cryptos was consolidated between a small range. Now that we are in the active bull market, active supply has been limited to a 5-year low.
It was an indication of a heavy “HODLING” activity among the Ethereum investors and traders, as the coin was marching higher on the charts. The Ethereum charts on TradingView revealed a seven-day sequential upward swing in ETH values at the end of the year. This 34 per cent increase within a week raised its valuation from $565 to $759, and ETH was trading at $734 at the time of publishing.
As the altcoin hangs on to a price range above $700, and as Bitcoin reaches a new all-time high above $29k, the prospects of the beginning of the old season seem good. Meanwhile, traders were planning to take part in the high season that is yet to begin.
This passion has been reflected in the large rise in the number of addresses carrying Ethereum. To mark a positive end to 2020, the number of addresses carrying ETH had crossed an ATH of more than 51.4 million. This number was 34.7 million at the beginning of the year. Whereas the number of non-zero addresses also reached 50,476 million, indicating the turmoil in the mindset of traders.
313 Interactions, 4 today