If the price of Bitcoin is at the center of all current discussions, then the ETH price also continues to grow and finally broke the $ 500 level.
Bitcoin is taking the entire market with it
Today, crypto traders can breathe a sigh of relief, as Bitcoin has reached the level of $18,660. The increase in the price of BTC is gradually pushing the cryptocurrency market up, with the most important altcoins, such as Ethereum (ETH) and Litecoin (LTC), being first on the market.
Therefore, positive news for ETH or LTC token holders, who are certainly hoping to see the price of Ethereum soon rise to the previous high, which was around $ 1,500 in January 2018!
The same goes for the Litecoin LTC price, which reached $ 375 at the end of 2017.
Litecoin is also growing significantly and currently exceeds $ 80.
The price of Bitcoin, meanwhile, is very close to its maximum of $ 20,000, a level that may soon be reached if the king of cryptocurrencies manages to keep its rate up, we can certainly expect a correction at any time.
Corrections that can reach 30% and can clearly scare newcomers who were attracted by the sudden increase in the price of BTC, but are not used to the volatility of the price of Bitcoin or other altcoins.
Bitcoin is seeing more and more public and well-known figures praising it as a new haven or a reliable investment asset like gold. This is positive news, which, therefore, should increase the demand for the BTC coin and raise the price in the future.
Therefore, some altcoins, such as Ethereum and Litecoin, are starting to benefit from this bullish cryptocurrency movement. Even the price of the XRP token is starting to rise again, with the ripple price currently hovering around $ 0.37
ETH exceeds the $ 500 mark
Ethereum’s price is growing because its network is constantly being implemented in the rapidly developing decentralized Finance (DeFi) sector and other projects such as smart contracts and decentralized applications (dapps).
For example, data collection and Analytics company DappRadar recently reported that the top 10 decentralized applications (dapps) on the Ethereum network reached 1017760 daily active wallet users over the past month.
Thus, these factors indicate that the number of addresses containing ETH is growing every day. The asset is making notable gains in the market because it has been on the rise, and because its price has broken the $ 500 mark, which was last seen in July 2018.
Confidence in Ethereum is growing
Ethereum is no longer in oblivion, as indicated by its bulls, who are not set to fall below the $ 500 price range. A record number of addresses containing at least one Ethereum shows that traders are transferring their funds from centralized exchanges to smart contracts.
New data from Glassnode show that crypto wallets containing more than one ETH have reached an all-time high of 1,170,598 addresses. The network market analysis company suggests that the previous high of 1,170.508 was broken on November 19.
These findings correlate with a study by Analytics provider Santiment, which found that ETH held on cryptocurrency exchanges fell to a two-year low. More precisely, this number was 13.35% of the Total volume of Ethereum circulation, and this trend has not been observed since November 23, 2018.
The growing number of wallets containing more than one ETH can be interpreted as meaning that the trust of Ethereum holders increases depending on the long-term value of this cryptocurrency. In addition, these statistics obtained by Glassnode coincide with data provided last month by EthHub co-founder Anthony Sassano, who showed that 60% of Ethereum shipments were idle for more than a year. The asset is currently trading at $514
