Ether price gains as network transactions hit multi-year high
Ether’s price has gained almost 2% in the past 24 hours, as Ethereum network transactions spike to a multi-year high.Current network transactions have reached highs not seen since November 2021, when the ETH price reached an all-time high.
Ether has recorded a gain of nearly 2% gain in the past 24 hours, coinciding with a multi-year high in the number of transactions on the Ethereum network.
According to The Block's Data Dashboard , the seven-day moving average of daily transactions on Ethereum ETH +1.87% has increased from 1.1 million to 1.3 million over the past week. This is a high not seen since November 2021, when the second largest digital asset by market capitalization and recorded an all-time high of over $4,600.
Transaction volume on the Ethereum network has also increased. According to The Block's Data Dashboard , the economic throughput of ETH on Ethereum has increased in the past week from $2.8 billion to a current reading of over $4 billion.
Since the Securities and Exchange Commission approved multiple spot bitcoin ETFs last week, ether has held above the $2,500 mark. According to The Block's Price Page , ether was changing hands for $2,554 at 11:20 a.m. ET.
The price of ether has risen by over 2% in the past 24 hours. Image The Block.
Ether price correction risks
However, The Block's Data Dashboard shows the circulating supply of ether in profit is currently 91.5%, which is a high not seen since 2021. The elevated supply of ether in profit could encourage traders to sell, affecting the price of the digital asset in the short term.
Significant ether price fluctuations over the past 24 hours have resulted in liquidations of nearly $20 million on centralized cryptocurrency exchanges. According to Coinglass data , the majority of the liquidated ether positions in the past 24 hours were longs, totaling $11 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump and Musk dine with Microsoft CEO to discuss AI, cybersecurity and American jobs
Share link:In this post: Microsoft Corp.’s Satya Nadella joins Donald Trump and Elon Musk for the discussion of AI and cybersecurity The statement said that the conversation was based on several topics, including the US firm’s pledge to invest $80 billion in AI data centers globally. Over $50 billion of that investment is expected to support American jobs.
Litecoin ETF may be near SEC approval after Canary Funds amends the filing
Share link:In this post: Canary Capital filed an amended S-1 registration statement for its Litecoin ETF on January 13. Senior ETF analyst at Bloomberg Eric Balchunas believes the SEC’s recent response to Canary’s Litecoin S-1, improves the chances that a Litecoin ETF will be approved soon. Canary Capital also filed its S-1 registration statement for Solana and XRP ETFs in October.
Arkansas legislators propose bill to prohibit crypto mining near military sites
Share link:In this post: Arkansas lawmakers introduced Senate Bill 60 (SB 60) to establish a 30-mile buffer zone around military facilities to limit cryptocurrency mining operations near sensitive sites. The bill was prompted by a crypto mining plant near Little Rock Air Force Base, raising concerns about noise pollution and environmental degradation. Similar actions have occurred elsewhere in the US, with federal and state officials addressing security risks and environmental concerns tied to crypto minin
Apple and Google remove Huione Group crypto apps after alleged $24 billion illicit marketplace operation
Share link:In this post: Apple and Google have removed apps developed by Huione Group from their marketplaces in response to fraud allegations. Huione Group is believed to be behind Huione Guarantee, a Telegram-based marketplace with about $24 billion in money laundering and other fraudulent activities. The removal of these apps raises questions about app stores’ responsibility in monitoring and preventing the distribution of apps linked to illegal activities.
Trending news
MoreCrypto prices
More
