These Altcoin Investors Are Suffering: Only 17 Percent In Profit!

Altcoin: Ethereum, the world’s second cryptocurrency and largest altcoin project, has been following a downtrend since the beginning of the year. Meanwhile, most of the investors who stocked their ETH on the beacon chain are now suffering more. Here are the latest data on stakers…

Leading altcoin Ethereum has dropped 60 percent since the start of the year

Will Sheehan, founder of Parsec Finance, shared some data on ETH stakers by entry price. The data shows that only 17 percent of stakers are currently still in profit. However, most of the stakers are at a huge loss. According to the data, a large number of investors have invested their ETH in the price range of $2,500 to $3,500. However, there are a large number of users who are staking Ethereum above the $3.5k price level.

Ethereum prices are down 60 percent to today (YTD) at the start of the year. ETH is currently trading at an average price of $1,056. It’s still down 78 percent from its all-time high of $4,891. As bear market conditions continue, the percentage of losing Ethereum stakers may increase. Recently, ETH prices continued to touch the $900 level. Meanwhile, the data only shows entry prices. It does not add additional rewards in ETH.

Lido holds 32 percent of stETH

However, investors’ interest in staking Ethereum has plummeted over the past month. As of now, about 11 percent of its total supply is staked. Lido accounts for around 32 percent of the total staked ETH. Coinbase and Kraken hold 14 percent and 9 percent respectively. Meanwhile, 32 percent of staked ETH was distributed to 29 validators assigned by Lido. A management proposal for Lido to self-limit growth was rejected.

Meanwhile, As we have also reported, Lido Staked ETH (stETH) has been separated from the ETH value. It trades at an average price of $1,013. Its total market capitalization is around $3.53 billion. On the other hand, on Saturday, Ethereum transaction fees dropped to an average network fee of 0.0016 ETH, or $1.67 per transfer. Thus, it reached a low not seen since November 2020. Average fees on Saturday were as low as $0.69 per transfer as Ethereum gas fees have fallen steadily since May 11, 2022.

According to Bitinfocharts metrics, an average transaction fee is around $0.695. The second layer (L2) transaction fees are also cheaper, given the fact that the average sized network fees on Ethereum are much lower than at 596 days.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.