As global cryptocurrency charts move in uncertainty, the second-largest cryptocurrency ethereum (ETH) saw a significant drop on May 12 – the price fell to a one-month low of $1,745.
The Ethereum price started to rise on May 13. With recent downturns, data from Glassnode shows that the number of ETH holders currently at a loss, despite its notable rise, hit 34,572,859, last seen at the end of March.
According to the data, the number of ETH addresses in the loss was at one of its lowest points on April 17, when Ether was changing hands at around $2,120.
Additionally, the number of ethereum holders accumulating more than 1,000 ETH has also dropped to 6,457, marking a six-month low. The number has been steadily falling for the past month, according to data provided by Glassnode.
The recent crashes come as the Ethereum network faced two major technical issues on May 11 and 12. According to a report on May 14, experts believe that the issue could have been caused by a bug in the staking or MEV infrastructures.
Ethereum is up 1.3% in the last 24 hours and is trading at $1,830 at the time of writing. The rise comes as the global crypto market capitalization has risen by roughly $20 billion in the last 24 hours.
CoinMarketCap (CMC) data shows that the global cryptocurrency market capitalization currently sits at $1.1 trillion.
