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.
Best CryptoCurrency Exchange Sites To Buy/Sell All CryptoCurrency
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%.