{"id":571686,"date":"2022-05-27T16:14:34","date_gmt":"2022-05-27T15:14:34","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=571686"},"modified":"2022-05-27T16:16:50","modified_gmt":"2022-05-27T15:16:50","slug":"ethereum-addresses-loss-2-year-high","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ethereum-addresses-loss-2-year-high\/","title":{"rendered":"Ethereum Addresses In Loss Hits 2 Year High Amid Crypto Market Downtrend"},"content":{"rendered":"\n<p>Quick take:<\/p>\n\n\n\n<ul><li>Over 34 million addresses that hold ETH are in loss positions.<\/li><li>The second-largest crypto is down over 10% in the last week. <\/li><li>Other altcoins across the market are also down as the markets hit a lull.<\/li><li>Ethereum&#8217;s transition to PoS could still happen in August despite the reorg attack on the Beacon chain.<\/li><li>Technical analyst predicts another 50% &#8211; 70% dip in altcoin prices as BTC dominance grows.<\/li><\/ul>\n\n\n\n<p>The number of wallets holding ETH in loss hit a two-year high on Friday (May 27, 2022) following another lackluster week for the cryptocurrency market. Data from <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;m=addresses.LossCount&amp;mAvg=7\" rel=\"nofollow noopener\">Glassnode<\/a> shows that over 34.1 million addresses now hold Ethereum below the levels they bought at.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img width=\"1024\" height=\"512\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-1024x512.png\" alt=\"\" class=\"wp-image-571687\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-1024x512.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-300x150.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-770x385.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-1536x768.png 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-2048x1024.png 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-561x280.png 561w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-1146x573.png 1146w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-1476x738.png 1476w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-269x135.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-746x373.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Ethereum-Wallet-Address-1376x688.png 1376w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption>Ethereum Wallet Addresses (Source: Glassnode)<\/figcaption><\/figure>\n\n\n\n<p>Since around December 2021, the general cryptocurrency market hit a slump and slowly slipped into a downtrend. ETH has fallen far below its November 2021 ATH of $4,891. As of press time, the world\u2019s second-largest crypto trades around $1,810. The token has indeed dipped massively and is down over 10% this week, per data from CoinMarketCap.<\/p>\n\n\n\n<p>Furthermore, a recent report from <a href=\"https:\/\/insights.santiment.net\/read\/hybernation-in-progress-6987\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Santiment<\/a> revealed that network activity on Ethereum also reduced and transactions on the network recorded significantly low gas fees.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"851\" height=\"518\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/ETHUSDT_2022-05-27_16-06-39.png\" alt=\"\" class=\"wp-image-571688\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/ETHUSDT_2022-05-27_16-06-39.png 851w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/ETHUSDT_2022-05-27_16-06-39-300x183.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/ETHUSDT_2022-05-27_16-06-39-770x469.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/ETHUSDT_2022-05-27_16-06-39-269x164.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/ETHUSDT_2022-05-27_16-06-39-746x454.png 746w\" sizes=\"(max-width: 851px) 100vw, 851px\" title=\"\"><figcaption>Ethereum Daily Chart (Source: CoinMarketCap)<\/figcaption><\/figure>\n\n\n\n<p>The news comes ahead of ETH\u2019s anticipated transition to a Proof-of-Stake consensus. The update dubbed <a href=\"https:\/\/en.ethereumworldnews.com\/ethereums-merge-august-vitalik-buterin\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/ethereums-merge-august-vitalik-buterin\/\" rel=\"noreferrer noopener\">The Merge<\/a> is expected to happen in August despite a reorganization attack on Ethereum\u2019s sister chain &#8211; Beacon.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">This, unfortunately, shows that the analysis by <a href=\"https:\/\/twitter.com\/gakonst?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@gakonst<\/a> and <a href=\"https:\/\/twitter.com\/VitalikButerin?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@VitalikButerin<\/a> here was too optimistic when the article claimed re-org stability will improve in POS over POW.<br>We have not seen 7 block reorgs on Ethereum mainnet in years.<a href=\"https:\/\/t.co\/G5g8acG3L8\" rel=\"nofollow\">https:\/\/t.co\/G5g8acG3L8<\/a> <a href=\"https:\/\/t.co\/AvZ6ygZRxs\" rel=\"nofollow\">pic.twitter.com\/AvZ6ygZRxs<\/a><\/p>&mdash; Martin K\u00f6ppelmann \ud83c\uddfa\ud83c\udde6 (@koeppelmann) <a href=\"https:\/\/twitter.com\/koeppelmann\/status\/1529458004407554049?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>However, core ETH developer Preston Van Loon remains optimistic that the event won\u2019t affect progress.<\/p>\n\n\n\n<h2>Ethereum and Other Alts Could Dip Another 50% Due To Rising BTC Dominance<\/h2>\n\n\n\n<p>As expected following the latest bloodbath in the crypto market, ETH\u2019s market cap lost a few billion and dropped down to $218 billion from around $350 billion at the start of May. Notably, the total crypto market also dipped to $1.27 trillion.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img width=\"1024\" height=\"576\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100-1024x576.png\" alt=\"\" class=\"wp-image-571689\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100-1024x576.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100-300x169.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100-770x433.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100-269x151.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100-746x419.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Screenshot-100.png 1366w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption>Ethereum Market Cap (Source: CoinMarketCap)<\/figcaption><\/figure>\n\n\n\n<p>On-chain data shows that the situation triggered a rise in Bitcoin\u2019s dominance over the market as the leading coin now accounts for almost half of the whole crypto market. As of press time, BTC dominance had grown to around 44%.<\/p>\n\n\n\n<p>The situation supposedly forms the main thesis behind technical analyst <a href=\"https:\/\/youtu.be\/ieBM0r7acLU\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Jason Pizzino<\/a>\u2019s prediction that BTC could drain liquidity from the market and trigger another 50% &#8211; 70% dump in altcoin prices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Over 34 million addresses that hold ETH are in loss positions. The second-largest crypto is down over 10% in the last week. Other altcoins across the market are also down as the markets hit a lull. Ethereum&#8217;s transition to PoS could still happen in August despite the reorg attack on the Beacon chain. Technical analyst predicts another 50% &#8211; 70% dip in altcoin prices as BTC dominance grows. The number of wallets holding ETH in loss hit a [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":571690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,823,2],"tags":[1322,108211,256],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/571686"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=571686"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/571686\/revisions"}],"predecessor-version":[{"id":571695,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/571686\/revisions\/571695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/571690"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=571686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=571686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=571686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}