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Leading crypto data source for on-chain and technical metrics, Glassnode, recently shed light on the on-chain activity of the altcoin king Ethereum (ETH). The company’s automated alert system indicates that an important milestone has been reached in Ethereum’s valuation.
The Significant Increase in Ethereum’s Realized Market Value
Crypto data source Glassnode reported that Ethereum’s realized market value has reached $181.6 billion. This figure represents the highest level the realized market value has reached in the past eight months. Glassnode also shows that the realized market value has been steadily increasing since January. As of November 2022, the realized market value was above the upper limit of $190 billion but saw a sharp decline to below $170 billion in just two months, indicating a significant loss in value.
The realized market value is obtained by measuring the value of all ETH moved on-chain within a year. According to Glassnode, this metric is calculated by assigning a value to each Unspent Transaction Output (UTXO) by taking into account the price at the time of the last transaction, rather than the current market value of ETH. The metric does not take into account the value of ETH on centralized crypto exchanges or inactive wallets. Currently, Ethereum’s realized market value is just above $181 billion, while the market value is at $221.89 billion.
Will it Affect the Price of ETH?
Market observers view Ethereum’s realization of its highest market value in the past 8 months as a sign of an upward trend. This is attributed to the increasing activity on Ethereum’s network.
With the anticipated rise in ETH’s price, based on the wedge formation in the price chart pattern, the potential target level in a rally is around $2,500. However, ETH’s price has been in a passive mode in recent weeks, with a declining trading volume. According to data provided by crypto data and price platform CoinMarketCap, the altcoin king is trading at $1,845 without significant growth in its seven-day cumulative performance.
Furthermore, it can be seen that crypto investors have bought and sold over $2 billion worth of ETH in the past 24 hours. This figure indicates a decrease of 17% compared to the previous day.
