On the Ethereum network, the number of unprofitable addresses has risen to its highest level in two years.
The researchers found that more than 34.1 million ETH holders were in the red, that is, they bought ether at prices higher than today.
The largest altcoin ended the past week below the psychological $2,000 mark. On the night of Monday, May 30, the ETH rate fell to $1795. Over the past seven days, the capitalization of the cryptocurrency has decreased by more than 10% to $218.027 billion.
Recall that in November last year, the largest altcoin was trading around $4891 - this is the highest level in the history of the ether. However, as a result of the winter and spring sales, the value of the coin was greatly reduced.
Santiment analysts note that the drop in the price of ether is observed against the backdrop of weakening network activity. In parallel, they recorded a significant reduction in transaction fees, now the average Ethereum fee is $3,683.
According to analyst Jason Pizzino, a new phase of market correction awaits us soon. According to its results, bitcoin can lose up to 50% in value, and altcoins - up to 70%.