The full story behind Ethereum’s recent performances
According to CoinGecko statistics, Ethereum has dropped over 38% in the previous seven days as of press time. Furthermore, according to a tweet from Glassnode, the exchange netflows for ETH did not appear to be optimal.
The overall netflows of exchange were +25.3 million. As a result, the positive exchange netflow indicates that people are attempting to limit their losses by selling their tokens.
In addition, the number of profitable addresses has dropped to an 18-month low. According to Glassnode statistics, the number of lucrative addresses was 42,172,680 on June 19th, down from 42,449,250 on June 18th.
The altcoin’s MVRV ratio has also dropped significantly, now standing at 0.69 at the time of writing. In addition, the NVT ratio displayed a value of 28.94.
Given the alt’s huge decline, the number of wallets/addresses holding at least 10 and 100 ETH tokens increased. At the time of writing, there were 296,797 addresses holding 10 ETH tokens. In addition, there were 44,124 addresses holding 100 ETH tokens.
Given the number of addresses holding a modest number of tokens, this may be viewed as a step in the right direction.
Experts from the cryptocurrency and traditional markets appear to be split in their attitude in light of the disappointing performance of most cryptos.
Peter David Schiff, a stock broker and fierce critic of Bitcoin, is one such expert. He used Twitter to give his most current market thoughts.
Despite the continuing bear market, businessman Kevin O’Leary claimed in a recent interview with Insider that he had no plans to sell his cryptocurrencies.
“Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work,” he said.
In response to the Terra fiasco, O’Leary suggested that crypto-market failures might teach investors to be cautious. He noted that they can contribute to the advancement of the technology that supports digital assets.
“Luna raised 30-plus billion [dollars]. No one’s going to use their idea again. [The collapse] educated everybody that this isn’t the way to build a stablecoin. It’s important for the education and the maturation of the market,” he stated.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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