Cryptocurrency investors continue to suffer from the recent market crash, as a chart by Will Sheehan, the founder of Parsec Finance, shows that more than 80% of Ethereum participants are trading at a loss.
According to the chart, only 17% of Ethereum participants make a profit because they bought the coin when it was traded at a price below its current price.
For context, Ethereum’s Beacon Chain share was made public when the coin traded for around $ 600 in December 2020. Since then, ETH has been able to cross the $ 4,000 mark, hitting an all-time high of $. 4,000. 4,891.
It should be noted that the chart did not take into account the additional rewards that ETH stakes can bring to these investors. As of press time, Bonus ETH is hovering around 4.2% APY.
Meanwhile, a separate Glassnode chart also confirms that the Ethereum cryptocurrency leader is winning.
However, if the price of the coin falls below the $ 1000 level, the number of Ethereum shareholders could be reduced in profits. Currently, ETH is trading at $ 1,061, 78% lower than its all-time high.
Ethereum Miners Revenue Hit
Ethereum miners made around $ 549 million in June, representing a drop of more than 40% in their earnings.
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Bitcoin miners did not fare well either, as their revenue fell to $1.06 billion for the fourth straight month.
Miners’ profitability has been severely damaged by the current market decline, with multiple reports surfacing of how the capitulation has forced them to sell their cryptocurrency holdings.
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