Earlier this week, Ethereum’s (ETH) price jumped beyond $1,750.
Ethereum, the world’s second-largest cryptocurrency, saw a rebound today as ETH crossed $1,750 for the first time in 2 weeks. Ethereum addresses with at least 10,000 ETH now hold nearly 68% of the total supply.
As claimed by the latest data published by the crypto analytic firm, Santiment, Ethereum whales are now holding the highest ETH supply percentage since November 2017.
On the other hand, ETH addresses containing 10-10K Ethereum have reached the lowest level since September 2017.
The price of Ether is on the rise since the start of 2021. The world’s second-largest crypto asset is now up more than 120% in the last eight weeks. ETH registered an all-time high of $2,030 on 20 February. As of writing, ETH is trading above $1,740 with a total market cap of nearly $200 billion.
The recent price surge has escalated unknown Ethereum transactions as well. Whale Alert, a blockchain tracker and analytics platform reported an anonymous transaction today involving 68,000 ETH worth more than $110 million to an unidentified ETH wallet.
Even though there were some challenges, ETH is gaining reputation among retail and institutional investors. Amazon recently announced the general availability of Ethereum on its managed blockchain service.
Ethereum’s network upgrade started in December 2020 with the launch of Beacon Chain. Grayscale pointed out some potential benefits of Ethereum 2.0, including network efficiency and lower transaction fees, in a recent report.
Institutional adoption is playing a significant role in the surge of ETH whale addresses. Santiment data shows that since the start of this year, there has been a substantial jump in addresses holding at least 10,000 ETH.
Grayscale, the world’s largest crypto asset manager, bought 138,361 ETH worth more than $240 million in the last 30 days.
The asset manager now has more than 3.17 million ETH under management with a total value of nearly $5.5 billion.
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