Tomiwabold Olajide
Ethereum has seen its valuation climb by $354 billion since November 2022
According to Glassnode, Ethereum, the second-largest cryptocurrency by market capitalization, has seen its valuation climb by $354 billion, or 267%, since November 2022. Leading cryptocurrency exchange FTX, once valued at $32 billion, collapsed in a matter of days in November 2022.
This information was presented in an H1, 2024, report entitled, “Digital Assets: Insights and Market Trends” jointly published by CME Group and Glassnode, which provides a complete overview of the digital asset landscape.
According to the analysis, Ethereum presently has a market capitalization of $451 billion, while the overall altcoin ecosystem has a total market capitalization of $611 billion. Ethereum has long been the leading asset in the altcoin sector, accounting for 41.7% of the market today.
Other ETH metrics
As presented in the report, validators currently have 32.2 million ETH locked up as staked collateral. The quantity of ETH staked has generally climbed over time, just a few times when the total volume decreased. This presently accounts for roughly 27% of the circulating ETH supply.
The Merge was completed in September 2022, ushering Ethereum’s shift to a proof-of-stake consensus mechanism. Because of the large drop in issuance and the EIP1559 burn mechanism, the ETH supply has fallen by 343,000 ETH since the Merge.
In the 365 days following the Bitcoin halving event, ETH has had more diverse market performance, with the 2016 cycle falling by 45% before increasing by over 3,400%, and in 2020, its price more than doubled in the immediate months after, continuing to climb by 2,150%.
Ethereum’s drawdown profile has seen considerably deeper corrections than Bitcoin’s, with the largest loss in the 2022-2024 cycle so far being 42%. Previous cycles have seen corrections greater than 65% throughout both the early and late stages of macro bull markets.
This article was originally published by a u.today . Read the Original article here. .
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