Ethereum stocks on exchanges are rapidly melting, which stimulates the growth of the rate

Ethereum stocks on exchanges are rapidly melting, which stimulates the growth of the rate

Cryptocurrency data providers point to a rapid depletion of Ethereum reserves in centralized exchanges, which could lead to a jump in the rate.

CryptoQuant, an analytical platform, reported that over the past two days, total Ether reserves on exchanges fell 27% to 8.1 million ETH. If market participants continue to buy cryptocurrency at the same rate, then soon a deficit may arise, which will become a powerful factor in the growth of the asset price.

Other data providers also point out that exchange reserves have decreased by 42.5% since May 2020. According to the Glassnode analytics platform, such low stocks were last seen in July 2018. Currently, trading platforms have only about 7% of the total emission of ETH.

There are many bullish signals in the ether market right now, including a supply / demand imbalance of around 9%. Over the past day, its rate has risen by 8.1% to $ 1228.

For comparison, according to CryptoQuant, bitcoin reserves on exchanges have dropped by only 21% since March 2020, and by 4.5% since October 21.

Amid the growing appeal of cryptocurrencies over the past year, the number of financial advisors working with this asset class has increased by 50%.

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Ethereum stocks on exchanges are rapidly melting, which stimulates the growth of the rate

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