Data from the Glassnode platform shows that investors are buying up Ethereum (ETH) despite the drop in its value.
The ETH exchange rate on the night of Wednesday, January 19, fell to $3,100; over the week, the capitalization of the altcoin decreased by almost 5% to $371.078 billion.
In two months, the digital currency lost 34% of its value.
Meanwhile, the number of Ethereum wallets with a non-zero balance hit a new high of 73,025,019.
Network activity is also increasing, which indicates the desire of investors to take advantage of the correction and buy as many tokens as possible. The average daily number of transactions on the blockchain now exceeds 1.2 million.
In May, network activity was at an all-time high of 1.6 million transactions per day.
Computing power is also aggressively adding, which indicates the dominance of optimistic sentiment in the mining pool environment. Ethereum’s hashrate topped 971 terahesh per second (TH/s) in mid-January.
According to analysts, ETH will trade in a narrow range until a clear vector of movement of the US stock market is formed. If the capital again goes into risky assets, then the ether, like bitcoin, will resume the offensive.
However, while investors are leaving the technology sector, therefore, at best, the altcoin will be able to stay above $3,000.
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