Ethereum has recently led the overall recovery in the market. The price of ETH quickly surged above $1,700 to hit a new one-month high following an important update on the merger.
As its value has grown in such a short period of time, the profitability of traders has increased on the network. According to data from IntoTheBlock, the profitability of ETH has recently reached 52%. Meanwhile, only 44% of holders are currently suffering losses.
Ethereum leads the way
Notably, 62% of investors have held the token for more than a year. It just means that almost all of the winners are long-term holders. At press time, ETH prices are down more than 6% to $1,575, with profitability also down 5% over the past few hours.
Despite the decline, Ethereum’s network activity has been impressive recently. With growing interest in mergers, the network regularly attracts new investors. as Glassnode Commentthe number of new addresses (7d MA) hit a 1-month high of 3,213 on Aug. 2.
Increased interest in the merger also affected total ETH 2.0 deposits.As of press time, total deposits are at staggering levels 13.25 million ETH It is also possible to obtain high profits from staking income.
Additionally, network activity on Ethereum has remained high as it reached a new level milestone recent.
according to glass nodeEthereum’s transaction count (7d MA) hit an eight-month high of 51,848 on Aug. 2.
Ethereum developer Tim Beiko has Announce Prater will complete the Bellatrix upgrade on August 4th.
This will be the final step before the penultimate testnet Goerli merges with Prater. The Ethereum community has been on alert as both events are expected to take place in the next 10 days.
Where is the token?
Since Aug. 1, ETH prices fell by 6% to break the $1,600 support.
Despite the losses, network trading volumes continued to rise, rising 26.75% on August 2.
After a turnaround in price trends in July, the community has regained hope that this will surely benefit Ethereum in the long term.