Ethereum Leads Top 20 as On-Chain Data Signals Bullish Sentiment

Ethereum (ETH) is continuing to see gains in the crypto market today after what has been a strong week for the cryptoasset, and with on-chain data suggesting further gains may lie ahead for the leading smart contract platform.

At pixel time (11:55 UTC), ETH was up by 4% over the past 24 hours, trading at USD 275 per token, becoming the best performer among the top 35 coins today. ETH has also risen more than 17% over the past 7 days, making it the week’s best performer among the top 20 cryptoassets by market capitalization.

The recent rally for ethereum is supported by on-chain fundamentals, which currently signals strong bullish momentum among ETH users across all metrics measured by blockchain intelligence company IntotheBlock.

The concentration of ‘whales’ on the Ethereum network has seen an uptick as of late, with 39% of the ETH supply now being held by addresses that hold more than 0.1% of the entire ETH supply, defined by Into the Block as “large holders.” This is higher than the whale concentration on the Bitcoin (BTC) network, where 10% of circulating coins are held by these large holders, and slightly more than competing smart contract platform Cardano (ADA), where the whale concentration is 37%.

Also, the number of ETH holders who are “in the money” has also risen, with 65% of all holders now having made a profit on their investment in fiat terms, while 31% are “out of the money.”

Meanwhile, the number of transactions on the Ethereum network has also seen an uptick as the price has risen, although the rise here has not been as steep as the price rally itself.

In addition to on-chain fundamentals, however, the recent ETH rally may also have been fuelled by investors who are buying now in anticipation of Ethereum 2.0. As reported, the final public testnet for Ethereum 2.0 is now scheduled to launch on August 4.