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Wednesday, January 19, 2022

Ethereum Loses Price Level Of $4K

 The native token of Ethereum went down by 18% after it established itself into an all-time high of $4,867 on the 10th of November. Currently, the cryptocurrency is trading at a sum of $3,900. Nevertheless, the plunge hasn’t really turned investors away from purchasing the token in minuscule quantities.

According to data that was provided by Glassnode- a platform dealing in blockchain analytics, the number of addresses holding Ether was less than or equal to 0.01 ETH which reached a record level of 19.95 million on the 4th of December. 

Ethereum’s Price Decline Hasn’t Detracted Investors

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In the meantime, the number of Ethereum wallets with their balances of around 0.1 ETH also kept increasing despite the price correction of the token from $4,867 to $3,575, after it eventually hit a new all-time high of 6.37 million on the 12th of December. As a result of this, the number of Ether addresses with a non-zero balance went on to reach a record high of 70 million on the 12th of December, but as a contrast to it, the addresses which were holding less than or equal to 1 ETH went down alongside prices- which indicated that they were not very interested in purchasing the sessional dips of Ether. 

The hordes of individuals that went around purchasing Ethereum in small quantities have been marching forwards as the price of ETH drips towards a support confluence. Notably, the token did plunge by 5% on Monday to reach $3,900 in a selloff that was inspired by similar corrections taking place over the cryptocurrency space. Regardless of this, the price of the cryptocurrency did reach an area that has been attracting buyers lately. 

Tom Higgins, the CEO of Gold-i, has stated that the price of Ethereum will increase at a rate much faster than that of Bitcoin- due to its proof-of-stake working model.

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