Ether price increase sends supply in profit to multi-year high | Headlines | News | CoinMarketCap
01/13/2024 00:04
Ether has made gains of almost 2% in the past 24 hours, despite major tokens, including bitcoin, posting sharp pull-backs. However, on-chain analysis …
Ether has made gains of almost 2% in the past 24 hours, despite major tokens, including bitcoin, posting sharp pull-backs. However, on-chain analysis points to possible short-term price correction risks that could impact the second largest digital asset by market cap.
Since the Securities and Exchange Commission approved multiple spot bitcoin ETFs on Wednesday, ether has rallied above the $2,600 mark. According to The Block's Price Page, ether was changing hands for $2,651 at 11:44 a.m. ET.
Ether supply in profit increases risk of short term price correction, analyst said. Image: The Block.
Ether price correction risks
However, The Block's Data Dashboard shows the circulating supply of ether in profit is currently 89.4%, which is a high not seen since 2021. The …