• 24 June, 2024
Market News

Ethereum and Tether Achieve Record Highs in User Holdings 

Ethereum has recently reached a remarkable milestone, boasting a record high of 114.95 million holders. Meanwhile, Tether, the popular stablecoin, has also seen unprecedented growth, with its holders tallying up to 5.22 million. This surge in adoption underscores the increasing confidence and interest in these digital assets. 

Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared an X providing the latest insights into the record-breaking holder counts of Ethereum and Tether, along with an analysis of the ETF trend’s implications on network activity.

However, an intriguing trend is emerging with the advent of Exchange-Traded Funds (ETFs) that track these cryptocurrencies. As more investors opt for ETFs to gain exposure to digital currencies, there could be a notable decrease in the number of active wallets on the underlying networks of these assets. This shift indicates a potential change in how investors prefer to engage with the cryptocurrency market, preferring the convenience and safety ETFs offer.

As these trends unfold, the impact on direct participation through active wallets is worth monitoring. Such a transformation might alter the landscape of investment as it paves the way to diversify investment portfolios.

Tether (USDT), a popular stablecoin, is attracting attention from investors for the long term. Currently valued just under its usual $1.00 mark at $0.09997, it seems to be at a turning point, suggesting an opportune moment for investment. With a market capitalization of $97.80 billion and a daily trading volume of $61.48, USDT presents a compelling option for those aiming to capitalize on market dips.

Ethereum has experienced a significant surge, eclipsing the $2,900 mark with robust bullish activity. In recent trading, ETH  briefly reached $2,931, reflecting a 5% rise over the past week amidst a wider market upturn.

Ethereum price chart: Tradingview

The market’s balance is depicted by the Relative Strength Index, hovering around 72, signaling potential overbought conditions. This positive outlook is further bolstered by the Moving Average Convergence Divergence indicator, where the MACD line surpasses the signal line, accompanied by an expanding histogram. Moreover, the bullish sentiment is underscored by the upward movement of the 20 Simple Moving Average and the 50-day SMA moving ahead of the 200-day MA, highlighting a favorable market mood.

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