Coin Market Cap - Ethereum [ETH] Price & Analysis on June 7, 2021 [CoinMarketCap]
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Coin Market Cap - Ethereum [ETH] Price & Analysis on June 7, 2021 [CoinMarketCap]. Leading digital exchanges have seen their level of ETH drop to its lowest level in more than two years.
Digital wallets have become the logical choice for cryptocurrency whales to store ETH assets. Glassnode, an industry analytics platform, announced that the amount of Ethereum held by exchanges has dropped to the lowest level since June 2019.
The amount of Ethereum that is held by cryptocurrency exchanges has fallen significantly from 19 million in July 2020 to less than 13 million now. Since the start of 2021, the amount of Ethereum available for trade on digital exchange is declining.
In the last two years, Ethereum has reached a 2-year low on CEX exchanges, according to Glassnode.
Over the past few months, Glassnode has also reported an increase in Ethereum addresses (which hold at least 0.1 Ethereum). It's the highest level ever for the amount of ETH held by nearly 5 million addresses, according to the company.
In addition, the overall number of ETH addresses holding at least 1K of ETH has decreased to its lowest level over the last couple of years.
With its price fluctuating across cryptocurrency markets, on-chain activity in Ethereum has increased significantly in recent months. ETH accumulation has been accelerated since the start of 2021 by large Ethereum addresses.
Analytics firm Santiment estimates the top ten ETH addresses now hold more than 19 million coins, the latest data published by the crypto analytics firm. This latest plunge in Ethereum supply could also be attributed to an increase in the activity of the ETH whales.
The cryptocurrency exchange, Binance, reported on 5 June 2021 that 40,000 ETH coins valued at $104 million have been transferred to a digital wallet.
Despite its popularity, the second most valuable digital currency has been extremely volatile since May 2021. The price of Ethereum reached an all-time high of $4,330 on 12 May, and touched a low of roughly $1,900 on 24 May. At the time of this writing, Ethereum's coin market cap is $322 billion, with a price of over $2,750.
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