During this current bull market, Ethereum might not have kept pace with other popular cryptocurrencies. However, its recovery has been impressive, with Ethereum‘s price increasing around 10% over the past week, surpassing $3,600.
According to recent findings from LunarCrush’s analysis, Ethereum is exhibiting exceptionally high levels of activity and is surpassing many other assets in the market.
Renewed Interest Sweeps Ethereum
On Monday, Ethereum ranked 64th among cryptocurrencies on LunarCrush’s AltRank for its typical social media and market buzz.
After Ethereum’s price increased, there was a significant rise in social media buzz surrounding it. As a result, Ethereum’s AltRank, as given by the crypto analytics platform, went up to 10 by the end of the day.
Right now, Ethereum’s popularity is on the rise, as social buzz grows louder and more frequent, coinciding with significant price increases and higher trading volumes. This surge in activity has pushed Ethereum’s AltRank up to an impressive 8, reflecting renewed enthusiasm for the network.
The reasons for the recent revived enthusiasm towards Ethereum are numerous. For instance, according to Santiment’s most recent data, there has been a significant uptick in interest due to the growing popularity of ERC20-based non-fungible tokens (NFTs), leading to an impressive comeback.
The talks cover Ethereum’s prospective expansion, issues with network congestion, and high gas fees. Additionally, the green light given by Canada for an Ether-staking ETF has fueled optimism in the market, contributing to a bullish outlook for Ethereum.
Whales Inject $35.11M Into Ethereum
The large investments of two whales totaling $35.11 million in stablecoins to buy 10,322 ETH this week is another sign of market optimism. This transaction could have contributed to the surge of Ethereum’s price above $3,400.
In the initial transaction, eight wallets, possibly belonging to a single entity, invested $20.86 million in USDT stablecoin to procure 6,145 ETH, with each ETH costing roughly $3,395. Simultaneously, another large investor injected $14.25 million in DAI and purchased 4,178 ETH, paying approximately $3,410 per ETH during the same time frame.
Leon Waidmann, an analyst focusing on Ethereum’s blockchain transactions, pointed out the upcoming scarcity of Ethereum tokens, suggesting that it could potentially surpass the performance of Bitcoin, Solana, and other primary cryptocurrency networks.
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2024-04-09 17:42