Glassnode Calls Ethereum Successfully Recording Important Achievements

ETH crypto assets. (Photo; Doc. Unsplash)

JAKARTA - The leading crypto analytics platform Glassnode recently revealed an interesting development regarding the on-chain activity of one of the main players in the ecosystem, namely Ethereum (ETH).

In a statement, Glassnode reported on the significant milestones generated by Ethereum, showing positive signs for the crypto community. This achievement is reaching Ethereum's Realized Capitalization of 181,606,579,492.76 US dollars (equivalent to IDR 2.7 quadrillion) This data marks the highest point in the last eight months, showing positive momentum for this crypto asset.

Realized capital is a metric that measures the total value of all crypto tokens that have been transferred on-chain in a blockchain network in a certain period of time, usually in a year. The term "on-chain" refers to activities or transactions that are recorded directly on the blockchain, including transactions, asset transfers, and so on.

This metric assigns a value to each Unspent Transaction Output (UTXO) by considering the price of the coin at the time of the last transaction, not at the moment. However, it should be noted that this metric does not include the value of ETH held on centralized crypto exchanges (CEXs) or inactive wallets.

The Galssnode report shows an interesting trend. ETH realized capitalization has shown steady growth since January 2023. As of November 2022, realized capitalization was over USD 190 billion (IDR 2.9 quadrillion). However, there was a sharp decline over the following two months, pushing this figure below USD 170 billion billion (IDR 2.6 quadrillion).

The increase in Ethereum realized capitalization to the highest level in the last eight months is interpreted as a bullish signal. This shows the trend of increasing activity on the Ethereum network. In the previous report from CoinGape News, the bullish wedge pattern formed could direct the ETH price towards an increase of up to 2,500 US dollars (equivalent to IDR 38 million). Despite that, the price of ETH has stabilized in recent weeks with a decrease in trading volume.

According to the Coingecko data report, ETH is currently trading at a price of IDR 28 million per coin without significant movement in the cumulative performance of the last seven days. Despite this, ETH trading is still active, with transaction volume reaching over 2 billion US dollars (IDR 30.6 trillion) in the last 24 hours.