Los Angeles (CoinChapter) – The price of Ethereum continues to hold above $2,000 despite the ETH balance on crypto exchanges recently hitting a 20-month low. According to analytics company Glassnode.
Glassnode shared that investors have been moving their Ethereum holdings from exchanges into a cold wallet. As a result, the outflow of ETH has hit a one-month high of 20,422.908, which is the equivalent of $41,595,132.
To no surprise, the amount of ETH transactions has also surged to a one-month high of 52,239.506.
On the other hand, the Ethereum balance on crypto exchanges has plummeted to a 20-month low of 14,605,497.262. This equates to a massive $29,735,185,820 in fiat.
According to Glassnode, the Ethereum mining difficulty also reached a new all-time high of 6,644,231,891,387,970. The previous record was 6,616,566,584,050,540 set on the previous day.
The Ethereum price surged past $2,000 for the first time last week in conjunction with the Bitcoin price reaching a milestone of its own at above $60,000. ETH traded as high as $2,152 before a correction that pared some of those gains. At press time, the second-largest cryptocurrency was trading at $2,074.
One of the biggest factors that contributed to the Ethereum price record was billionaire Mark Cuban. Who revealed that he allocated 30% of his portfolio into ETH.
Cuban, a former crypto critic, additionally has allocated 60% of his portfolio into Bitcoin. The remaining 10% of his portfolio consists of altcoins such as Dogecoin.
Institutional interest in Bitcoin and Ethereum continues to rise thanks to companies like Grayscale. It now holds a reported 3.17 million Ethereum, which at the current rate translates to an impressive $6,754,580,000.
Ethereum 2.0 Beacon Chain smart contract also helping ETH price maintain $2,000
Another reason why the ETH price has been able to maintain $2,000 is the Ethereum 2.0 Beacon Chain smart contract.
A growing amount of users are adding ETH into it, which is further reducing the active supply against a potentially rising demand.
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
3AC acquired Ethereum (ETH) when it was trading near $2800. ETH rallies by 16%, outperforms BTC. LAGOS (CoinChapter.com) —...
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