Ethereum (ETH) Maintains Attractive Profits Despite Market Volatility
Cointurk News by İlayda Peker
Over the weekend, Ethereum (ETH), the second largest cryptocurrency and the largest altcoin, traded primarily in the range of $1700 to $1750. ETH changes hands at $1725, reflecting a 0.25% decrease in the last 24 hours, while data shows that the profitability of Ethereum wallet addresses remains above 50%.
Ethereum’s Profitability Outlook
Despite its short-term performance, Ethereum continues to be one of the most appealing cryptocurrencies in the industry, offering long-term returns. With a market cap of $207.41 billion, ETH has increased its value by 43.96% since the beginning of the year (YTD), providing relative profitability.
According to recent data, more than 50% of Ethereum wallet addresses are in profit despite the substantial market volatility observed in recent weeks. Crypto analysis company IntoTheBlock’s data reveals that 57.5 million Ethereum wallet addresses are profitable, accounting for 59.66% of total active wallet addresses. The total number of wallet addresses at a loss is 36.84 million, corresponding to 38.22% of total ETH-holding wallets. The data also indicates that approximately 2.05 million wallet addresses are at breakeven, showing no profit or loss.
This data reflects the strong position of ETH in the midst of regulatory approach threatening crypto exchanges and many altcoins like Cardano (ADA) and Solana (SOL). As the obstacles faced by the crypto market are expected to serve as a support for Ethereum, many predict that ETH will serve as a safe haven in case of a regulatory liquidation to determine which altcoins are securities.
ETH’s Long-Term Outlook
Despite the severe challenges faced by the crypto market, Ethereum continues to be one of the top altcoins with an extremely positive projection to surpass Bitcoin in the long term.
The Ethereum Foundation is preparing to transform the Ethereum Blockchain into a fully functional Proof of Stake (PoS) asset with multiple updates planned to be implemented over the next few months. Based on its long-term outlook and planned development efforts, it seems extremely reasonable to expect ETH’s price to continue its upward movements in the long term.