Ethereum (ETH) Surges $354 Billion After FTX Crash

In accordance with Glassnode, Ethereum, the second-largest cryptocurrency by market capitalization, has seen its valuation climb by $354 billion, or 267%, since November 2022. Main cryptocurrency change FTX, as soon as valued at $32 billion, collapsed in a matter of days in November 2022.

This info was introduced in an H1, 2024, report entitled, “Digital Property: Insights and Market Developments” collectively printed by CME Group and Glassnode, which supplies an entire overview of the digital asset panorama.

In accordance with the evaluation, Ethereum presently has a market capitalization of $451 billion, whereas the general altcoin ecosystem has a complete market capitalization of $611 billion. Ethereum has lengthy been the main asset within the altcoin sector, accounting for 41.7% of the market immediately.

Different ETH metrics

As introduced within the report, validators at the moment have 32.2 million ETH locked up as staked collateral. The amount of ETH staked has usually climbed over time, only a few instances when the overall quantity decreased. This presently accounts for roughly 27% of the circulating ETH provide.

The Merge was accomplished in September 2022, ushering Ethereum’s shift to a proof-of-stake consensus mechanism. Due to the massive drop in issuance and the EIP1559 burn mechanism, the ETH provide has fallen by 343,000 ETH because the Merge.

Within the one year following the Bitcoin halving occasion, ETH has had extra numerous market efficiency, with the 2016 cycle falling by 45% earlier than rising by over 3,400%, and in 2020, its value greater than doubled within the fast months after, persevering with to climb by 2,150%.

Ethereum’s drawdown profile has seen significantly deeper corrections than Bitcoin’s, with the biggest loss within the 2022-2024 cycle to this point being 42%. Earlier cycles have seen corrections larger than 65% all through each the early and late levels of macro bull markets.