Ethereum holders are at loss despite the bullish spur

As the global cryptocurrency charts move in uncertainty, the second-largest crypto, ethereum (ETH), witnessed a significant fall on May 12 — the price dropped to a one-month low of $1,745.

Ethereum’s price started to rise on May 13. With the recent downturns, Glassnode data shows that the number of ETH holders currently at a loss, despite its notable surge, reached 34,572,859, last seen in late March.

Per 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.

Moreover, 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 constantly dropping over the past month, according to data provided by Glassnode.

The recent drops 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 problem might have been caused due to a bug in staking or MEV infrastructures. 

Ethereum is up by 1.3% in the past 24 hours and trading at $1,830 at the time of writing. The surge comes as the global crypto market capitalization has risen by roughly $20 billion in the past 24 hours. 

CoinMarketCap (CMC) data shows that the global cryptocurrency market capitalization currently sits at $1.1 trillion.