Since December 2021, Ethereum has been in a downtrend. With a price plunge of almost 50%, the cryptocurrency is currently going through a bad patch. However, the market correction is not having a negative impact on the accumulation of Ethereum holders.
Glassnode’s recent data shows that 280,792 ETH addresses are now holding 10+ coins. According to the current price of Ethereum, each address has more than $26,000 worth of cryptocurrency in the wallet. Earlier today, at around 11:18 UTC, a prominent ETH whale address moved 14,000 coins worth more than $36 million from digital asset trading platform Bitfinex to an unknown address.
“Number of Addresses Holding 10+ Coins just reached a 1-year high of 280,792. A previous 1-year high of 280,766 was observed on 01 November 2021,” Glassnode mentioned in its recent data update.
In addition to ETH whales, the total number of Ethereum wallets with fractional holdings has increased during the past few days. Approximately 22 million addresses now have at least 0.01 Ethereum, which is the highest level on record.
The “number of Addresses Holding 0.01+ Coins just reached an all-time high of 21,929,193,” the company noted.
Crypto Market and Global Economy
Similar to other digital assets like Bitcoin, XRP and Cardano, Ethereum is facing the heat because of the Russia Ukraine conflict.
Commenting on the recent global economic issues and uncertainties, Simon Peters, a Market Analyst at eToro, said: “As the conflict between Ukraine and Russia intensified, crypto prices continued their downward slide last week, following the patterns of global financial markets generally. Following the Ukrainian government’s crackdown on digital money transfers, people are seemingly turning to crypto assets. According to local data, domestic buyers were turning to Tether’s USDT stable coin, pegged to the U.S. dollar.”
In Russia and Ukraine, the demand for digital currencies has increased in the past few days.
