Ethereum’s price is down despite hitting two major milestones

Ethereum (ETH) has been in a downward spiral for the last six days, with a significant decline in the global crypto market capitalization.

The second-largest cryptocurrency is down by 1.55% in the past 24 hours and witnessed a 13.78% drop over the past week. At the time of publication, ETH is hovering around $1,800 at the time of writing.

Moreover, ETH plunged by 15% from its local high of $2,137 on April 17.

Ethereum’s price drop comes as the global crypto market cap declined by more than 10% from its local top. The total cryptocurrency market value currently stands at roughly $1.15 trillion.

On the other hand, the number of non-zero Ethereum wallets has reached 97,969,968 addresses, marking a new all-time high (ATH), according to data provided by Glassnode. 

The number of ETH holders has risen alongside the number of staked ether and the network’s validators. According to data provided by Nansen, the total ethereum locked in the ETH 2.0 contract has also hit an ATH of 18,655,800, worth almost $34 billion at the time of writing.

Meanwhile, over 632,600 ETH coins, accounting for 3.4% of the total locked assets, have been waiting for withdrawals since the Shanghai upgrade, also known as the Capella hard fork, launched on April 12.

The remaining 96.6% have not been scheduled for withdrawals, per Nansen.