The weekend was accompanied by a mild volatility which has seen Ethereum (ETH), the industry’s second largest digital currency pare off some gains with a 0.60% slump to $1,741.24. The current price slip has extended the losses over the past 7 days.
Ethereum Profitability Outlook
Despite its short term performance, the digital currency has remained one of the most attractive digital currencies for longer term success in the industry. With a market capitalization of $209.26 billion, Ethereum has maintained a relative profitability with its value jumping by 43.96% in the year to date (YTD) period.
Despite the turmoil the market has experienced over the past few weeks, more Ethereum addresses are still in profit. Per data from IntoTheBlock (ITB), a total of 57.5 million addresses are in profit, accounting for a total of 59.66% of all total active addresses. In the same vein, addresses in loss totals 36.84 million or 38.22% of the total wallets holding Ether.
This data is reflective of the resilience of the digital currency amid the regulatory turmoil that is threatening exchanges and other tokens including Cardano (ADA) and Solana (SOL) amongst others. While the hurdles being faced by these digital assets are supposed to be a boost for Ethereum, many are skeptical that the cryptocurrency will be safe should there be a regulatory purge to determine what assets are securities or not.
Per the data gleaned from ITB, just about 2.05 million addresses are experiencing neutral profitability without a loss or gain.
Outlook on Ethereum Price
Despite the challenges in the industry at this time, Ethereum is one of the top tokens with a good projection to outrank Bitcoin in the long term.
The Ethereum Foundation has continued to double down on their push to turn the blockchain into a completely functional Proof-of-Stake (PoS) with a series of upgrades scheduled for the next few months.
Riding on its outlook and inherent developmental effort, we can expect the price of the ETH to continue on its upward trajectory in the long term.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
