Bitcoin might be seeing some red right now but altcoins are enjoying the time-off the world’s leading cryptocurrency has taken, with Ethereum in the lead.

The second-largest cryptocurrency by market cap continues to trade above $200 while traders on Bitfinex are record long on Ether. It’s not just ETH longs that are at an all-time high but also the long to short ratio.

All of this combined with “ETH Near historic all-time lows, closing in on a two-year consolidation, something is going to snap soon,” said trader Moon Overlord. “I'm with the herd this time and long.”

1D $ETH

when this finally flips bull, watch out pic.twitter.com/MHezp8pULu

— Josh Olszewicz (@CarpeNoctom) May 26, 2020

Besides the market looking good for Altcoins, the fundamentals for Ethereum are also bullish.

For starters, the daily ether gas used on the Ethereum network has hit a new high while Ether price remains near its two-year lows.

“As Ethereum fundamentals continue to strengthen, price could stage a rebound,” stated TradeBlock.

Source: Etherscan

A Steady Growth Unlike Price

As per the data from Glassnode, the Zug-based crypto analytics company, there has been a steady increase in the number of addresses holding Ether.

Since Ether’s price climbed to an all-time high in early 2018, there has been an increase of more than 350% and now 40 million addresses are holding ETH. This parabolic jump in addresses has been despite the ups and downs in Ether prices, which is currently down 87% from its peak.

Source: Glassnode

The growth in the addresses holding 0.01 ETH, 10 ETH, and 100 ETH or more has been the biggest contributor to this new peak of non-zero balance addresses. Addresses with a balance of 10k ETH, 1k ETH, and 0.1 ETH have been relatively flat with those having 1k ETH are trending downwards.

On the Ethereum blockchain, there are a total of 667.83 million addresses, which are up 9.7% YTD.

This growth has been while Ethereum testnet running a version of Ethereum 2.0 upgrade hit a big milestone of 29,300 validators taking more than 1 million ETH. If this Topaz testnet run by Prysmatic Labs was an official real one, it would be worth $214 million.

“The 1MM ETH milestone with high rates of stability give us confidence that ETH2 can handle this level of activity when phase 0 launches later this year,” said Preston Van Loon, CEO of Prysmatic Labs.

Reportedly, the Schlesi testnet was also successful enough to hope for a more official multi-client testnet in June based on 0.12 specs.