Bitcoin and Ethereum turn bullish, data indicates

Bitcoin and Ethereum turn bullish, data indicates

18.01.2023 10:52 (Updated 18.01.2023 10:01)
avatar
by Yana Popenkova
2 min read

Bitcoin’s (BTC) price almost surpassed a 10-year record, and Ethereum (ETH) will reach some milestones in the second quarter of 2023 due to the upcoming mainnet update.

If the price of bitcoin (BTC) continues to rise, which it has been doing daily for the past 15 days, it will overturn the record set by the BTC chart in November 2013, when the BTC price rose for 15 consecutive days. The current BTC trading has already surpassed the September 2017 and July 2020 figures.

At the time of writing, BTC is trading at $21,229, up 0.20% in the last 24 hours, according to CoinMarketCap. If the trend continues, the BTC price will set a new record for consistent positive price movement on Jan. 19.

Apart from this, BTC hit the four-month highest price on Jan. 17. Data from TradingView shows that BTC/USD briefly touched $21,518, marking its highest value since Sep. 13.

Ethereum bullish indicators

According to crypto analytics firm Glassnode, the number of Ethereum addresses holding at least some ether (ETH) is expected to surpass 100 million soon.

As of Jan. 16, the number of non-zero ETH addresses has reached a record high of approximately 92.5 million. This projection is based on the current number of wallet addresses and the historical growth rate of this metric.

As per the data analysis, Ethereum is currently 7.5 million non-zero addresses away from achieving a significant milestone of having 100 million Ethereum addresses holding at least some ether (ETH).

Since 2019, the number of non-zero ETH addresses has steadily increased, up to 20 million per year. If this growth rate continues, the number of non-zero ETH addresses is projected to reach 100 million by the second quarter of 2023.

Another bullish Ethereum indicator is the growth in the number of validators on the network. According to data from BeaconScan, the number of validators crossed the 500,000 mark on Jan. 12. The increase is mainly due to the upcoming Ethereum mainnet update, the Shanghai hard fork. After March 2023, participants will finally be able to withdraw their staked ETH and validate the network.

Author

  • Previously worked in the arts, now specializes in covering crypto with an emphasis on DeFi, blockchain and mass adoption. Offers simple and clear writing, always looking for new ways to present information. Major in International Relations, minor in English, in a spare time reads postmodern literature, does yoga and watches movies.

Subscribe to
Crypto Ping Pong Digest

Trash style news. You will definitely like

Trending news

Arrow previous
Arrow next
Yellow background Yellow background
Subscribe and be in touch
Click here