Equally Ether (ETH) continues to hit new 2022 highs, the bulk of ETH is now reportedly profitable.

According to data from blockchain intelligence business firm Glassnode, more than than 90% of the circulating ETH is now in "a state of profit." This means that over xc% of virtually 112 million ETH coins were bought at a lower price than the electric current market price of Ether, Glassnode tweeted on Aug. iv.

Co-ordinate to Glassnode, the last time Ether saw this level of state of turn a profit was in February 2022 when it was trading at about $925.

Ether is the second-largest cryptocurrency by marketplace capitalization after Bitcoin (BTC). According to data from Coin360, Ether's market cap now accounts for about $44 billion, while Bitcoin's amounts to $207 billion at the time of publication. Following a major bullish trend on crypto markets, both Ether and Bitcoin have been hitting new 2022 cost highs since late July.

Currently trading at $391, Ether briefly crossed a $400 price threshold on Aug. two, according to data from Coin360. Following steady growth in 2022, the elevation altcoin is up more than 200% since Jan. 1, 2022.

Ether'southward new price records come up in anticipation of the Ethereum 2.0, a major upgrade to the network that is poised to shift from a proof-of-work consensus algorithm to proof-of-stake. As reported, the PoS transition is a key cistron attributed to triggering the potent Ether rally aslope massive growth of decentralized finance applications.

Ether one-year price chart

Ether 1-year price chart. Source: Coin360