ZB Academy：ETH may show a stronger upward trend in the first half of the year
On the 25th, the Ethereum token once again showed a strong upward trend, reaching $1,475. It refreshed the previous record high of close to $1,440 set on January 19, and it is also the second time this month that it broke a new high.
Along with the rise in the price of Ethereum token, there is also the number of giant whale addresses of Ethereum tokens (referring to addresses that hold at least 10,000 Ethereum tokens). According to the data provided by the blockchain data analysis company Glassnode, the number of giant whale addresses for Ethereum tokens jumped to 1,103, the highest number in 13 months. Just this month, the number of whale addresses for Ethereum tokens has increased by more than 35. If calculated from mid-November 2020, it has increased by more than 75. In addition, small investors have not been absent from the rising market of Ethereum tokens this time. According to the data, the number of non-zero addresses holding at least 0.1 Ethereum tokens has also exceeded a historical high. However, it should be noted that these data are not completely accurate due to the fact that a single investor can have multiple addresses. What is certain is that a large amount of funds have been pouring into the Ethereum market recently through new investors or existing investors.
In addition to the address data of the Ethereum token, another data is also particularly important. The data shows that the Ethereum tokens held by the exchanges are constantly flowing out, and this has caused a shortage of supply. On the whole, it is beneficial to the price of Ethereum tokens. According to data from last weekend, the number of Ethereum tokens held by the exchange fell to the lowest number since October 2019, at approximately 15.7 million. In the past week alone, the number of Ethereum tokens held by exchanges has decreased by more than 1 million.
Unlike Bitcoin, because Ethereum tokens can be used for staking mining of Ethereum 2.0 and other reasons, its outflow from the exchange does not mean that investors are directly in charge of the tokens, which further exacerbates the shortage of supply. In the past 15 days, the number of Ethereum tokens locked in DeFi applications has increased from 6.615 million to 7.002 million. However, according to DeFi Pulse data, this number is still far below the 7.3 million in early January and the 2020 high of 9.77 million. But in this regard, most analysts are still bullish on the price of Ethereum tokens. Zhu Jiehan, the co-founder and managing partner of Kenetic Capital, a Hong Kong trading company, said that the Ethereum token has just passed the slingshot stage, and investors can expect a stronger upward momentum in the first half of 2021.
Under the influence of the Ethereum token price breaking through two new highs in a short period of time, more and more institutional investors also regard the Ethereum token as a means of storing value. The website responsible for the statistical survey released a survey report on this. The report mentioned that the questionnaire filled out the Ethereum token as another new means of value storage for two reasons. One is that the potential of Ethereum tokens as a means of storing value is constantly rising, and the other is that its position in digital currencies is also continuously promoting transactions on the Ethereum network.
According to ZB.com’s official market data, Bitcoin is currently reported at $32,175, a 24-hour drop of 0.43%, and the 24-hour price range is $30,826 to $32,898. The Ethereum token is currently reported at $1,330, a 24-hour drop of 2.01%, and the 24-hour price range is $1,245 to $1,378.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com
