Last Updated on August 4, 2020 by Ope Quadri
Anthony Sassano and Kelvin Koh are some of the cryptocurrency analysts who are excited by the recent surge in the value of ethereum as more than 90% of ETH’s circulating supply is now in profit.
According to Research and analytics firm Glassnode, the crypto world witnessed this kind of ETH surge in profit in early 2018, that was when the price of the cryptocurrency was $925.
The firm tweeted, “Over 90% of the circulating ETH supply is now in a state of profit, i.e. the current price is higher compared to the price at the time the coins last moved.”
The firm observed that the price of ETH has been surging significantly over the past weeks, rising about 47% since July 23.
At the time of this writing, ETH is trading at $387.52 on bitfinex.com, having breached the $400 mark.
Reacting, the co-founder of Ethhub.io Anthony Sassano, submitted that “At this stage of the cycle I’d say that it’s very bullish,” saying over 90% of the current supply of ETH is now considered ‘in the money’ aka in profit.”
Corroborating Anthony, Spartan Group’s co-founder, Kelvin Koh, opined that the strong move in ethereum has to do with the upcoming ETH 2.0 launch which is a major catalyst.
“Every phase of ETH 2.0 over the next 2-3 years brings Ethereum closer to its final state and will be catalysts for ETH,” he said.
You can use our Cryptocurrency calculator to convert any of the crypto of your choice to any of the available fiat currencies.
One of the ways you can benefit from the surge is to buy and trade when price continues to surge.
NOTE: Kindly talk to an expert before trading cryptocurrency. It’s volatile.