Ethereum (ETH) miners saw their $ 1.85 billion holdings skyrocket.
Cryptanalysis company Santiment explained:
“The balances of the Ethereum miners have continued to skyrocket. 532.75K ETH is the largest credit miners have had since July 13, 2016. The value of these coins is 1.85 billion US dollars, easily an AllTimeHigh. “
A price increase combined with increased usage has helped raise the ETH miners’ credit to a record high. For example, Damian Sowers, the founder of Level Frames, recently said that Ethereum usage was fifty-four times that of Bitcoin while the head-to-head battle between the two leading cryptocurrencies continues.
Ethereum enjoys significant NFT dominance
To to Mason Nystrom, a researcher at Messari Crypto:
“The NFT market officially exceeded $ 10 billion in secondary sales in a variety of categories including games, PFPs (profile pictures), sports, and collectibles. Ethereum leads all blockchains and Layer-2s with over $ 6 billion in secondary NFT sales. “
Hence, Ethereum has emerged as the backbone of the NFT sector taking the crypto space by storm.
The non-fungible token (NFT) industry has seen a surge in activity as the tokens on offer differ from the typical ones due to their fungibility.
NFTs are blockchain-based digital possessions and their value depends on their uniqueness as the tokens are indivisible and must be purchased in full.
As a result, these features create intrinsic value for NFTs due to their limited supply.
Various industries continue to rely on NFTs as they are seen as important stepping stones towards a world of virtual reality. For example, leading Italian luxury fashion house Dolce & Gabbana recently sold a nine-piece collection of fashion NFTs called Collezione Genesi for a whopping $ 6 million.
Ethereum realized capitalization scales the heights
To to the market insight provider Glassnode:
“Ethereum’s realized capitalization has just hit an ATH of $ 171,803,527,031.77.”
Realized market capitalization is a key figure that is calculated by valuing each delivery unit at the exact price that it last moved in the chain or at which it was last traded.
As a result, it does not calculate coins that remain immobile as cryptocurrencies can be lost, inaccessible, or unclaimed. This is in contrast to the usual market capitalization, which values each delivery unit equally at the current market price.
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