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The value of Ethereum (ETH) recently surged past the $3,300 mark, driven by Bitcoin's positive momentum. In a 24-hour period, ETH recorded a significant increase of 1.33%, and a striking increase of 12% in the past week, according to CoinMarketCap. This bullish trend has generated significant profits for traders and investors in the Ethereum market.
What is Ethereum?
Ethereum is an open-source blockchain platform that enables the creation of decentralized applications (dApps) and smart contracts. Ether (ETH) is Ethereum's native crypto asset used for running dApps, paying transaction fees, and staking to validate transactions.
Ethereum Traders Enjoy Profits
Ethereum's surge in value has ensured that most market participants profit from their trades. Blockchain analytics firm Santiment reports the ratio of profit-to-loss transactions on the chain has reached a three-month peak, with profitable transactions outnumbering losing ones by about 2.3 to 1.
Also read What is Ethereum 2.0
Currently, more than 93% of Ethereum's total supply is in profit, a level last observed in August 2021, months before Ethereum hit its record high. Additionally, the 30-day Market Value to Realized Value (MVRV) ratio shows that, on average, ETH holders have earned more than 20% on their investment.
Also Read How To Buy Crypto:
Current Ethereum Price
According to Market Bittime.com, when this article was written (29/02/2024) it had touched $3,448 and experienced an increase of more than +6% in the last 24 hours
Long-Term Holders May Earn More Than Short-Term Traders
MVRV Long/Short Difference analysis reveals that long-term holders, often referred to as 'diamond hands', achieve higher returns than short-term traders. This could indicate anticipation of exceeding previous record highs among these investors.
Also Read Bitcoin (BTC) Today: Entering March 2024, Skyrocketing Up to 9%
Despite the optimistic trend, it is advisable to remain cautious due to the potential for price correction. ETH supply on exchanges has been decreasing since the start of 2024, while off-exchange supply has been increasing, which may indicate increased selling pressure in the short term. Such price corrections can provide strategic buying opportunities for investors.
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Upgrade Dencun Ethereum?
While Ethereum fans remain hopeful for a long-term bullish surge, the highly anticipated Dencun upgrade is scheduled to take place, with the aim of reducing transaction fees on the Layer-2 chain.
The Ethereum Foundation has confirmed successful upgrade activation on the test network and has begun preparations for the mainnet launch on March 13, increasing positive sentiment in the market.
How to Buy Ethereum (ETH) at Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime .
Monitor price chart movements for Ethereum (ETH), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
significant from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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