Priyeshu Garg · 18 mins ago · 2 min read
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According to data from IntoTheBlock, more than $900 million was moved on the Ethereum network in transactions greater than $100,000 last week. While this is a significant volume, it’s still a far cry from the impressive stats the network had back in August.
Ethereum mostly stable after a turbulent summer
After a turbulent summer that brought its price close to $340, Ethereum has been in a consolidating phase, currently trading at around $186. This sharp drop in the coin’s price has manifested itself in multiple ways throughout the network, with most metrics indicating an overly bearish sentiment for the world’s second-largest cryptocurrency.
Last month, data from IntoTheBlock showed that nearly 70 percent of Ethereum addresses are holding ETH at a loss. While not surprising given Ethereum’s sharp drop fall from its ATH, it’s in dramatic contrast to Bitcoin, which has over 76 percent of its holders in profit.
However, despite a bearish outlook, the network still boasts impressive stats. The latest data from IntoTheBlock showed that more than $900 million was moved on the network in large transactions. The past 7 days have seen a high of 413 transactions greater than $100,000, with a volume of 1.05 million ETH, or around $193 million.
The network has also seen an average of 682,000 transactions in the past week, a metric that has remained largely unchanged in the past three months.
Ethereum still heavily dependent on Bitcoin’s movements
Despite being very different, Ethereum and Bitcoin share a strong connection. While the world’s second-largest cryptocurrency used to be a much more independent entity, with its correlation to Bitcoin hovering in the range between -50 and 50 percent back in 2017, it has become much more connected to BTC.
Data from IntoTheBlock has shown that Ethereum’s correlation to Bitcoin has been on the rise in the past week, rising from 0.74 on Nov. 6 to 0.86 on Nov. 13. The past month has seen a high of 0.94 on Oct. 17, while it reached its lowest level on Oct. 23 with a correlation of just 0.58.
This comes as no surprise, though. In a bear market, most cryptocurrencies move in a correlated manner—when Bitcoin reached $14,000 in June, Ethereum followed suit and jumped to its yearly high of $366.
A drop in Ethereum’s correlation to Bitcoin is expected when both coins begin exhibiting a strong bullish sentiment.