Ethereum, the second-largest cryptocurrency by market capitalization, has been closely following the price movements of Bitcoin in recent months. However, in a surprising turn of events, Ethereum has outperformed Bitcoin in the past week, with a 13% increase compared to Bitcoin’s 5.8% rise. This surge in Ethereum’s price can be attributed to the increased activity of large Ethereum holders, also known as whales, who have been accumulating more ETH.
According to on-chain data from Glassnode, Ethereum whales have been actively adding to their holdings, with at least 70,000 ETH being accumulated since the beginning of last week. The number of Ethereum wallets holding 10,000 ETH or more has also seen a significant uptick, with 925 whale wallets recorded in the past 24 hours, up from 918 wallets on September 18.
Additionally, data from IntoTheBlock (ITB) shows a surge in activity from addresses holding substantial amounts of Ethereum, with transactions exceeding $100,000 totaling over $29 billion in the past seven days. This increased activity from large holders is often seen as a bullish indicator for cryptocurrencies and could potentially signal a positive trend for Ethereum’s price in the near future.
As of the latest data, Ethereum is trading at $2,626, marking a significant increase over the past week. This recent price surge has positioned Ethereum to potentially break above $2,700 and even reach $3,000 in the coming months. The cryptocurrency’s importance in the industry makes it a favorable asset for accumulation, especially as it continues to show strong performance compared to Bitcoin.
In conclusion, Ethereum’s recent price movements and whale activity indicate a positive outlook for the cryptocurrency. With potential targets set at $2,700 and beyond, now could be a good time to consider adding Ethereum to your portfolio. Stay tuned for further developments in the cryptocurrency market as Ethereum continues to make its mark in the industry.