Ethereum Reaches IDR 46.89 Million, Outperforms Bitcoin

Ethereum (ETH), the second largest crypto asset after Bitcoin. (Photo; Doc. Pexels)

JAKARTA - Ethereum (ETH), the world's second-largest digital crypto asset, managed to penetrate the level of $3.000 (Rp 46.89 million) on Tuesday, February 15, 2024, for the first time since April 2022. However, this increase did not last long due to selling pressure in the crypto market.

According to data from CoinMarketCap, the price of ETH touched $3.003.98 (IDR 46.93 million) at 08.00 WIB, up 2.5% in 24 hours. However, at 14.00 WIB, the price of ETH had fallen 1.43% to $2,891.02 (IDR 45.15 million). The current market capitalization of ETH reached $337.8 billion (IDR 5,277 trillion).

However, this achievement shows that Ethereum still has a strong appeal among crypto investors. One of the indicators is data from IntoTheBlock, an on-chain analytics firm, which shows that about 83% of the 108.7 million ETH addresses are currently profitable.

In addition, if Ethereum can survive above $ 3,000 (IDR 46.89 million), then around 879,000 addresses that buy ETH in that price range will come out of the loss zone. These addresses have borne losses over the past two years and are likely to maintain their position.

Ethereum has also managed to outperform Bitcoin, the world's largest digital crypto asset, in terms of annual performance. Since the start of the year, the price of ETH has risen 18.2%, while the price of BTC has only risen 17.6%. This difference is widening when compared to last year, where ETH rose 450%, while BTC rose 300%.

There are several factors driving the rise of Ethereum, including the launch of Bitcoin ETF in the US. In October 2021, the US SEC approved several ETF products associated with Bitcoin futures contracts. The growth of DeFi and NFT is also the trigger. Ethereum is a major platform for decentralization applications (DeFi) and non-fungible tokens (NFTs) that are currently popular among crypto users.

Ethereum is one of the most attractive and innovative digital assets in the world. With the various opportunities and challenges it faces, Ethereum will continue to be in the spotlight on the crypto market. Investors interested in investing in Ethereum must pay attention to the latest developments and do in-depth research before making a decision.